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Ark Invest Invests in Solana: Purchase of 475,000 Shares in ETF for $4.95 Million

Ark Invest Invests in Solana: Purchase of 475,000 Shares in ETF for $4.95 Million

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by Giorgi Kostiuk

3 months ago

Ark Invest, led by Cathie Wood, has made its first investment in Solana by purchasing shares of an ETF. This investment highlights the growing attention from institutional investors towards Solana's blockchain technology.

Strategic Investments by Ark Invest

Ark Invest acquired 475,000 shares of the 3iQ Solana Staking ETF for $4.95 million. This move is part of the firm's strategy to actively engage with cryptocurrencies.

Market Reaction to the Acquisition

Following Ark's purchase, the price of Solana rose from $129.81 to $134.96. Trading volume surged by over 32%, indicating Solana's growing presence in the market.

The Future of Solana in Institutional Investments

Ark's investment suggests a potential rise in institutional interest in Solana. Cathie Wood emphasized Solana's speed and cost-effectiveness compared to Ethereum, which enhances its value in the DeFi space.

Ark Invest's investments expand the landscape for ETF-backed cryptocurrency products, and further solidification of Solana's role in the broader blockchain ecosystem is expected.

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