Seasoned investor Cathie Wood on Monday praised an analyst from Ark Invest’s Digital Assets team for their successful take on Circle Internet Group, Inc. (NYSE:CRL) from a month ago.
What Happened: Wood took to X to welcome Raye Hadi, the new member of the cryptocurrency research team, and praised their immediate impact, notably their work on Circle, the issuer of USDC (CRYPTO: USDC) stablecoin.
Hadi, along with Lorenzo Valiente. Director of Research at Ark Invest, wrote on Circle’s successful Wall Street launch last month, with shares exploding 168% from the IPO price on debut.
“Circle's successful IPO could inspire more crypto-native firms to pursue public listings, further highlighting the sector's role as an innovator in the global financial infrastructure space,” the blog post read.
Why It Matters: Circle began June with an IPO priced at $31 per share. The stock opened for trading on the New York Stock Exchange at $69 per share and has continued to see strong momentum.
CRCL exploded to $240 apiece by June 20, but has since retreated. Nonetheless, it has rallied over 92% during the past month of trading, surpassing the S&P 500.
Wood deemed the IPO an "amazing debut," with her firm ARK Invest bagging hundreds of millions worth of the company's shares immediately.
As of this writing, the ARK Fintech Innovation ETF (BATS:ARKF), ARK Innovation ETF (BATS:ARKK) and ARK Next Generation Internet ETF (BATS:ARKW) held a total of $562.7 million worth of Circle shares.
Price Action: Shares of Circle were down 0.70% in after-hours trading after closing 9.90% higher at $207.46 during Monday’s regular trading session, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
