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Ark Funds Adds Another 3D Printing SPAC To ETFs

April 30, 2021 9:20 am
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Ark Funds Adds Another 3D Printing SPAC To ETFs

Ark Funds have been big proponents of scooping up shares of companies associated with 3D printing and digital manufacturing.

What Happened: On Wednesday, Ark Funds bought 506,397 shares of Galileo Acquisition Corp (NYSE:GLEO), which announced a SPAC merger with Shapeways. The company is an end-to-end digital manufacturing company with hundreds of customers and millions of parts shipped already.

The stake in Galileo Acquisition represents $5.1 million and 0.2% of the Ark Autonomous Technology & Robotics ETF (BATS:ARKQ).

Related Link: 10 SPACs Owned By Cathie Wood's Ark Funds 

Other 3D Printing Plays: This isn’t the first 3D printing stock or even 3D printing-related SPAC that Ark Funds has bought a stake in.

The Ark Autonomous Technology & Robotics ETF also owns stakes in:

  • Jaws Spitfire Acquisition (NYSE:SPFR), which is taking Velo3D public. $26.1 million, 0.8% of assets
  • One (NYSE:AONE), merging with Markforged. $21.2 million, 0.6% of assets
  • The Ark Space Exploration & Innovation ETF (BATS:ARKX) owns a $7.9 million stake in SPFR as well representing 1.2% of the newly launched ETF’s assets.
  • Former SPAC Desktop Metal (NYSE:DM) is the 16th largest holding in the 3D Printing ETF (BATS:PRNT) valued at $16.1 million and 2.7% of assets.

Outside of SPACs, 3D Systems Corp (NYSE:DDD) is the 18th largest holding in ARKQ representing 2% of assets. The 3D Printing ETF is also the second-largest holding of ARKX at 6.2% of holdings and holds stakes in many 3D printing companies. The 3D Printing ETF is index-based and could add additional SPACs down the road.

What’s Next: Galileo CEO Greg Kress is set to appear on Benzinga’s “SPACs Attack” today to discuss his company’s SPAC deal and the growth ahead for 3D printing.

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