Bitcoin notable institutional investor ARK Invest spends over $500 million on SPCX stock on its first day

According to CoinDesk, ARK Invest, led by Cathie Wood, purchased 3.3 million shares of SPCX (valued at over $500 million) on the day of SpaceX's (SPCX) IPO on June 12, representing a significant portion of its total assets under management.

This move not only continues ARK's aggressive investment style in disruptive technology companies but also reflects institutional investors' strong confidence in SpaceX's business prospects.

According to market data, SpaceX's debut day performance was impressive, closing at $160.95, up 19.22% from the issue price, with a trading volume of $85 billion, setting a record for IPOs.

ARK's massive purchase occurred on this historic trading day, demonstrating its recognition of SpaceX's long-term growth prospects in satellite internet, space transportation, and Starlink business.

Currently, SpaceX accounts for 3.28% of ARK Invest's portfolio, mainly purchased and held by its ARK Innovation ETF (ARKK). This large-scale buying also consolidates the trend of cross-investment between traditional capital and crypto assets.

ARK estimates SpaceX's valuation could reach $2.5 trillion by 2030, and in an optimistic scenario, about $3.1 trillion. The firm also operates a Bitcoin spot ETF, with Wood being one of the staunch supporters of Bitcoin's long-term outlook.

Some analysts also point out that, in the context of limited venture capital reserves, Bitcoin bulls represented by Wood are shifting their investment focus to the stock market, often indicating that short-term funds may continue to flow out of the crypto market.

#ARK #SpaceX