Cathie Wood Adds Longview Acquisition SPAC Ahead Of Deal With Butterfly Network

One of the top performing ETF managers and most-watched names in the industry took a new stake in a SPAC.

What Happened: Cathie Wood on Monday took an initial stake in Longview Acquisition Corp LGVW.

The fund manager added 459,572 shares of the SPAC, which is set to merge with Butterfly Network. The addition represents only 0.17% of assets in the Ark Genomic Revolution Multi-Sector ETF ARKG, but could be the first of many trades in the SPAC by Wood.

Related Link: Cathie Wood Increases Teladoc Holdings Across Ark ETFs

Why It’s Important: Longview Acquisition announced its SPAC merger with Butterfly Network on Friday. The company sells a portable ultrasound device.

Wood added Social Capital Hedosophia II IPOB in September ahead of its merger with Opendoor. Shares of Social Capital Hedosophia II went from $18 to $27 after Wood purchased before falling and now trading flat from her initial buy.

The ETF manager typically takes a small stake first and then starts accumulating shares in chunks.

Price Action: Shares of Longview Acquisition are up 9% to $14.92 Tuesday.