Cathie Wood buys $373M of hot tech stock
Cathie Wood buys $373M of hot tech stock originally appeared on TheStreet.
On June 5, Cathie Wood's investment firm, ARK Invest, bought around 4.48 million shares of Circle Internet Group (NYSE: CRCL) on the day of its public debut.
ARK Invest invested in the stablecoin issuer's 4.48 million shares valued at $373 million on its debut day, as per the stock's closing price of $83.23.
The investment firm also trimmed the shares of other crypto stocks from its portfolio on the same day.
It offloaded $39 million in the shares of Coinbase, the largest crypto exchange in the U.S. The firm also shed $18.5 million in the shares of the crypto and stock trading exchange Robinhood Markets (Nasdaq: HOOD).
$10.4 million in Jack Dorsey's Block, Inc. (Nasdaq: XYZ) shares are also among the shares unloaded by ARK Invest. The tech and financial services company has integrated Bitcoin into several of its applications, such as Cash App and Bitkey.
Cathie Wood's investment company is well-known for investing in forward-looking tech stocks such as AI, crypto, fintech, etc. As reported earlier, ARK Invest had already indicated its plan to purchase Circle shares.
Circle is a popular crypto firm that issues USDC, a stablecoin pegged to the U.S. dollar. A stablecoin is a type of cryptocurrency that aims to maintain a stable price, unlike traditionally volatile cryptocurrencies like Bitcoin.
The stablecoin issuer made a spectacular debut on the NYSE yesterday, opening at $69 apiece against the IPO price of $31.
The total crypto market cap dipped 1.7% in a day to $3.24 trillion at the time of writing. Bitcoin, the largest cryptocurrency, was trading at $103,970.46 at press time as per Kraken, down 1.3% a day.
Cathie Wood buys $373M of hot tech stock first appeared on TheStreet on Jun 6, 2025
This story was originally reported by TheStreet on Jun 6, 2025, where it first appeared.
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