Ark Invest Buys Circle Shares Amidst Selloff; CME Group & FanDuel Launch Crypto Prediction Platform
Ark Invest Buys Circle Shares Amidst Selloff; CME Group & FanDuel Launch Crypto Prediction Platform
Ark Invest has made a significant investment in Circle, acquiring $30 million worth of shares despite a recent post-earnings stock dip for the company. Concurrently, CME Group and FanDuel are set to launch a new prediction markets platform in the US next month, which will feature event contracts tied to various assets, including crypto prices.
Ark Invest Makes Strategic Investment in Circle
Ark Invest has reportedly acquired $30 million worth of shares in Circle, the company behind the USDC stablecoin. This significant purchase comes as Circle's stock experienced a 12.2% drop to close at $86.3 on Wednesday, despite the company having reported robust earnings for Q3. This move by Ark Invest highlights a potential long-term confidence in the company's prospects, viewing the selloff as a buying opportunity.
CME Group and FanDuel Partner for US Prediction Markets
In other news, financial derivatives giant CME Group is collaborating with sports betting operator FanDuel to launch a new prediction markets platform in the United States. Slated for release next month, the 'FanDuel Predicts' app will provide users with the opportunity to engage in event contracts across a range of categories. These offerings will include sports outcomes, other benchmark assets, and notably, generic cryptocurrency prices. This initiative marks an expansion of mainstream financial and entertainment entities into the crypto-adjacent market space, aiming to tap into demand for event-based forecasting.