ARK Invest Acquires $9.4 Million in eToro Following Nasdaq Debut
ARK Invest Acquires Stake in eToro
- ARK Invest purchased 140,000 shares of eToro for approximately $9.4 million.
- This acquisition aligns with ARK's strategy of investing in core crypto stocks, including Coinbase.
- eToro debuted on Nasdaq on May 14, with shares climbing 29% to close at $67 from an initial price of $52.
- The purchase makes eToro the 33rd holding in ARK's ARKW fund, initially weighted at 0.93%.
eToro's IPO Background
- eToro filed for an IPO in March after a confidential filing in January but delayed due to market volatility.
- The company raised $310 million by selling six million shares, achieving a market cap over $5.4 billion post-debut.
Future Crypto IPOs
- Circle and Animoca Brands plan to go public this year.
- Ripple Labs, despite expectations, is focusing on acquisitions instead of an immediate IPO.