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One of the top performing ETF managers and most-watched names in the industry took a new stake in a SPAC.
What Happened: Cathie Wood on Monday took an initial stake in Longview Acquisition Corp (NYSE:LGVW).
The fund manager added 459,572 shares of the SPAC, which is set to merge with Butterfly Network. The addition represents only 0.17% of assets in the Ark Genomic Revolution Multi-Sector ETF (BATS:ARKG), but could be the first of many trades in the SPAC by Wood.
Related Link: Cathie Wood Increases Teladoc Holdings Across Ark ETFs
Why It’s Important: Longview Acquisition announced its SPAC merger with Butterfly Network on Friday. The company sells a portable ultrasound device.
Wood added Social Capital Hedosophia II (NYSE:IPOB) in September ahead of its merger with Opendoor. Shares of Social Capital Hedosophia II went from $18 to $27 after Wood purchased before falling and now trading flat from her initial buy.
The ETF manager typically takes a small stake first and then starts accumulating shares in chunks.
Price Action: Shares of Longview Acquisition are up 9% to $14.92 Tuesday.
