Cathie Wood’s California-based investment company, ARK Invest, acquired about $9.4 million worth of eToro shares on Tuesday. The purchase coincided with eToro’s debut on the Nasdaq stock exchange. ARK added roughly 140,000 shares to its ARK Fintech Innovation ETF, which focuses on companies in the financial technology sector, Coindesk reported.

eToro IPO Raises $620 Million

eToro began trading under the ticker symbol “ETOR.” The shares closed at $67, which was 29% higher than the IPO price of $52. This gave the company a market value of more than $5.5 billion.

The trading platform and some of its backers raised nearly $620 million through the IPO. The offering was upsized before listing. The company had initially planned to sell 10 million shares. This was later increased to 11.92 million shares. The final price was set above the expected range of $46 to $50.

You may find it interesting at FinanceMagnates.com: eToro IPO 10x Oversubscribed as Crypto Rebound Attracts Investors: Report.

Early Investor Sees Significant Return

One early investor, Spark Capital, saw a large return. The firm invested $19 million in eToro fifteen years ago. That stake is now estimated to be worth about $530 million.

eToro’s public debut attracted strong investor interest. The offering and first-day trading reflect renewed activity in the IPO market.

ARK Buys ARKB, Sells BITO Shares

Last year, Ark has invested $15.9 million in ARK 21Shares Bitcoin ETF (ARKB) while selling $15.8 million worth of shares in the ProShares Bitcoin Strategy ETF (BITO).

The firm purchased 365,427 shares of ARKB through its Next Generation Internet ETF. The move follows ARK Invest’s shift from the Grayscale Bitcoin Trust (GBTC) to BITO in December, ahead of GBTC’s planned conversion into a spot Bitcoin ETF. CEO Wood previously cited preference for an already approved product.

This article was written by Tareq Sikder at www.financemagnates.com.FinTechRead More

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