The previous issue of this article misrepresented the ARK Fintech Innovation ETF in terms of the number of shares and the total amount of dollars invested in the Concord Accounts Corporation. The error has been corrected.
Katie Wood ARK Investment is merging with Circle Purchased Special Purchasing Company or SPAC Stock, one of the largest stablecoin companies in crypto.
Internet Companies Paying and Treasury Infrastructure Provider with SPAC Concord Acquisition Corp. After announcing plans to merge with CND, Circle plans to make it public.
Wood ARK Fintech Tech ETF ARKF,
Purchased 69,300 SPAC shares for $ 705,820, representing a new position for the fund.
The circus merger, co-founded and led by CEO Jeremy Alir and Concord, is expected to take place in the fourth quarter of 2021, with the joint legal entity listed on the NYSE as “CRCL”.
Circle is the leading operator of USD Coin, a digital asset-denominated digital asset and intended to hold value, as a “stable” asset in a virtual currency world such as Bitcoin BTCUSD.
And Ether ETHUSD,
On the Ethereum network, which is incredibly flexible.
Crypto is the sixth largest digital asset in the market and the second largest stable currency behind the USDTUSD.
The US dollar accounts for one-third of the supply of statistical coins.
However, it has investigated US financial regulators who say that a stable currency could jeopardize the financial system if left unchecked.
Last month, the Financial Stability Control Council, or FSOC, He said in a statement. “Statcoins are subject to widespread redemption and property damage if investors are skeptical of the credibility of their claims.”
In October, Circle said it had received a “call to inquiry” from the Security and Exchange Commission asking for “documents and information about our holdings, client programs and operations.” File. “We are fully cooperating with their investigation,” Circle said.
Concord acquisitions, backed by former Barkley CEO Bob Diamond, fell Thursday by 0.5% and are flat for the week, down 3.2% in 2022. By comparison, The ARK Fintech ETF ended Thursday by 5.2%. And the 3% weekly slide and the first two weeks of the year were seeing more than 13% decline, according to FactSet data so far.