Cathie Wood's ARK ETF buys $70 million in SPAC linked to stablecoin operator Circle - Aliens: AI Crypto News & Markets Updates

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Cathie Wood's ARK ETF buys $70 million in SPAC linked to stablecoin operator Circle

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MarketWatch

Fri, Jan 14, 2022

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Cathie Wood’s ARK Invest has purchased a slug of shares of the special-purpose acquisition company, or SPAC, that is merging with Circle, one of the biggest stablecoin companies in crypto.

The merger of Circle, co-founded and run by CEO Jeremy Allaire, and Concord was expected to occur in the fourth quarter of 2021, with the combined entity slated to list on the NYSE under the ticker symbol “CRCL.” Circle is the principal operator of the stablecoin, USD Coin, which is a digital asset pegged to dollar and intended to hold its value, serving as a “stable” asset in the world of virtual coin’s such as bitcoin BTCUSD, -0.33% and Ether ETHUSD, +0.04% on the Ethereum network that are notoriously volatile.

Circle’s USD Coin USDCUSD, -0.01% is the sixth largest digital asset by market value among crypto and the second largest stablecoin, behind Tether USDTUSD, .

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