Ark Invest Buys $17.3 Million of Circle Stock, Adds SpaceX Shares After Earnings
Summary
- Ark Invest bought 273,343 shares of Circle worth about $17.3 million.
- Circle said its second-quarter total revenue, reserve income, adjusted EBITDA, USDC in circulation, and on-chain transaction volume all increased.
- Ark Invest also bought an additional 181,830 shares of SpaceX, and Elon Musk maintained his forecast for $1 trillion in annual revenue by 2029 or 2030.
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Ark Invest, the investment firm led by Cathie Wood, bought heavily into shares of stablecoin issuer Circle and SpaceX.
The Block reported on August 6 that Ark Invest bought 273,343 Circle shares the previous day through the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF). The purchase was worth about $17.3 million based on the closing price.
Circle also released its second-quarter results. Total revenue and reserve income rose 7% from a year earlier to $701 million, while adjusted EBITDA increased 8% to $143 million. USDC in circulation climbed 19% to $73.3 billion, and on-chain transaction volume surged 151% to $14.8 trillion.
Ark Invest also bought 181,830 additional shares of SpaceX that same day through ARKK, ARK Autonomous Technology & Robotics ETF (ARKQ), ARKW and ARK Space Exploration & Innovation ETF (ARKX).
SpaceX shares fell 13.61% to close at $108.27 that day, despite reporting a 92% increase in second-quarter revenue to $7.8 billion, as investors focused on the burden of heavy artificial intelligence spending. The company said second-quarter capital expenditures rose nearly sixfold from a year earlier to $18.4 billion. Management said the spending was aimed at expanding AI infrastructure. Elon Musk, SpaceX's chief executive officer, maintained his earlier forecast that the company could reach $1 trillion in annual revenue by 2029 or 2030.
