Cathie Wood’s Ark Invest has reportedly completed the 6.93 million acquisition of shares of the special purchase acquisition company (SPAC) – currently in the merging process with Circle. 

Specifically, SPAC Concord Acquisition Corp is reportedly looking to finalize the merging with the US-based issuance entity of USD Coin (USDC) Circle, via a $70.6 million deal through the company’s ARK Fintech Innovation exchange-traded fund (ETF).

Ark Invest’s ETFs have reportedly made a reputation of aiming for bold acquisitions across the tech sector, as revealed by their initiative to purchase $80 million in Robinhood shares following the price slump in October last year. 

Cathie Wood reportedly also shares a bullish attitude when it comes to crypto, regardless of skipping the purchase of the first Bitcoin futures ETF that same month.

Circle reportedly functions as the principal operator of USD Coin (USDC), which is standing in the second spot in the list of top major stablecoin, market capitalization-wise. 

Circle reportedly disclosed its initiative for going public in July last year, via a SPAC with Concord Acquisition Corp in a merger which would help the firm achieve a $4.5 billion valuation.

The original timeline of the merger was reportedly by the end of the fourth quarter of 2021, with the listing of the firm on the NYSE under the ticker “CRCL.” 

The decision to go public was reportedly made as a response to the growing worries from regulators associated with stablecoins, which regardless was highly praised by the crypto community. 

“[USDC] has been around since 2014, and is another example of an established player being rewarded for their input into the ecosystem.” Vladimir Vishnevskiy, co-founder of Swiss wealth management firm St. Gotthard Fund Management AG, reportedly remarked.