Key facts
- Cathie Wood's ARK Investment Management acquired stakes in SpaceX, Coinbase, and Circle totaling approximately $45.4 million.
- SpaceX stock surged 15.83% to $133.11 following strong Q2 earnings of $7.81 billion.
- Coinbase stock rose 5.63% to $153.60 per share.
- Circle stock climbed 5.36% to $66.67 per share.
- ARK also reduced holdings in Snowflake and Roblox.
Cathie Wood's ARK Investment Management has significantly increased its exposure to technology and cryptocurrency-related stocks, acquiring approximately $45.4 million in shares of SpaceX, Coinbase, and Circle. These purchases coincided with substantial gains in the stock prices of all three companies.
SpaceX experienced a notable surge of 15.83%, reaching $133.11 per share. This rise followed the company's strong second-quarter earnings report, which showed revenue of $7.81 billion, surpassing Wall Street's forecast of $6.9 billion and marking a 92% increase from the previous year. Following the positive results, Argus upgraded SpaceX stock from 'Hold' to 'Buy' with a $160 price target, while Morgan Stanley maintained its $300 guidance.
Coinbase Global Inc. (NASDAQ: COIN) saw its stock climb 5.63% to trade at $153.60 per share, with ARK purchasing 59,668 shares valued at around $9.17 million. Circle Internet Group Inc. (NYSE: CRCL), a stablecoin company, also experienced a rise, climbing 5.36% to $66.67 per share. ARK's acquisition of 313,764 Circle shares represented the largest of the three purchases, valued at approximately $20.92 million.
In addition to these primary acquisitions, ARK's portfolio activity also included the purchase of shares in Cloudflare, Cerebras Systems, and Intellia Therapeutics. Conversely, the firm reduced its stakes in Snowflake and Roblox.