Bitcoin’s well-known institutional investor, ARK Invest, spends over $500 million on Day 1 to increase its holdings of SPCX stock

According to CoinDesk, ARK Invest, led by Cathie Wood, bought 3.3 million shares of SpaceX (SPCX) on the day of its June 12 IPO—SPCX holdings worth more than $500 million—making up a significant proportion of its total assets under management.

This move not only continues ARK’s aggressive investment style toward disruptive technology companies, but also reflects strong confidence from institutional investors in SpaceX’s commercial prospects.

Meanwhile, market data shows that SpaceX’s first day after listing was impressive: it closed at $160.95, up 19.22% from the offering price, and recorded trading volume of $85 billion, setting the highest record in IPO history.

And ARK’s massive buy took place on this historic trading day, underscoring its recognition of SpaceX’s long-term growth prospects in satellite internet, space transportation, and the Starlink business.

At present, SpaceX accounts for 3.28% of ARK Invest’s portfolio, mainly purchased and held through its ARK Innovation ETF (ARKK). Moreover, this large-scale buying action further strengthens the trend of capital cross-investment between traditional finance and crypto assets.

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

Some analysts also point out that, given the limited supply of risk capital, Bitcoin bulls represented by Wood are shifting their investment focus to the stock market, which often signals that funds may continue to flow out of the crypto market in the short term.

#ARK #SpaceX