Cathie Wood Loads Up $2.9M In This Cryptocurrency-Linked SPAC On Tuesday

Cathie Wood led Ark Investment Management on Tuesday raised its exposure in Concord Acquisition Corp 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 HOOD, Coinbase Global Inc COIN and Block Inc SQ in recent months.

Circle is a blockchain-focused payments company and the issuer of stablecoin USD Coin USDC/USD. It operated as a Bitcoin BTC/USD 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 ETH/USD 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 ARKW and the Ark Fintech Innovation ETF 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 TSP. The stock closed 3.66% higher at $17.86 a share on Tuesday.