Cathie Wood led Ark Investment Management on Tuesday raised its exposure in Concord Acquisition Corp (NYSE:CND), a black-check firm that is expected to take blockchain-focused payments company Circle public in a $4.5 billion merger.
The popular money managing firm bought 278,000 shares — estimated to be worth $2.88 million — in Concord Acquisition Corp on a day the stock closed 1.12% higher at $10.36 a share.
Ark Invest has been piling up shares in crypto-linked stocks that include Robinhood Markets Inc (NASDAQ:HOOD), Coinbase Global Inc (NASDAQ:COIN) and Block Inc (NYSE:SQ) in recent months.
Circle is a blockchain-focused payments company and the issuer of stablecoin USD Coin (CRYPTO: USDC). It operated as a Bitcoin (CRYPTO: BTC) wallet service since its founding in 2013 but discontinued the product in 2016.
See Also: Cathie Wood Raised Exposure In These Three Crypto-Linked Fintech Stocks On Monday
Wood’s popular investment firm sees Bitcoin And Ethereum (CRYPTO: ETH) as great assets for diversification this year amid the recent slump.
Ark Invest owns shares in Concord Acquisition via the Ark Next Generation Internet ETF (NYSE:ARKW) and the Ark Fintech Innovation ETF (NYSE:ARKF).
The two ETFs held 3.12 million —worth $32 million — in Concord Acquisition, prior to Tuesday’s trade.
See Also: Why Cathie Wood Sees Bitcoin And Ethereum As Great Assets For Diversification In 2022
Here are Ark Invest’s other key trades on Tuesday:
- Bought 34,894 shares — estimated to be worth $623,206— in TuSimple Holdings Inc (NASDAQ:TSP). The stock closed 3.66% higher at $17.86 a share on Tuesday.
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