Ark Invest bought nearly 3.3 million SpaceX shares after the company’s US listing on June 12. The purchase built a stake worth more than US$500 million by the close.

The company raised US$75 billion in what was described as the largest initial public offering on record. The US$135 offer price implied a US$1.77 trillion valuation. The first-day close pointed to about US$2.11 trillion.

Ark sold almost US$280 million of other holdings in the previous week. On June 12, it also sold 948,000 shares in 13 companies worth at least US$48 million. The sales included Advanced Micro Devices, Roku, and Baidu, according to its daily trade disclosures.

The Ark Innovation ETF made most of the purchase, with SpaceX accounting for 3.28% of the portfolio by day-end. Ark says the fund is classified as non-diversified, while LSEG says such US funds can have up to 50% of assets in positions above 5%.

The listing did not lift other space stocks.

🔗 Source: CoinDesk