Cathie Wood Agrees Circle IPO Is 'Crypto's ChatGPT Moment' — Warns Institutions That Ignoring The AI-Crypto Combo 'Just Isn't An Option'

ARK Invest CEO Cathie Wood agrees with Fundstrat Global Advisors Head of Research Tom Lee and has likened the Circle CRL IPO to a pivotal moment in the crypto industry, suggesting that institutional investors can no longer ignore the convergence of artificial intelligence and blockchain.

What Happened: In a Tuesday interview with BanklessHQ, Wood drew parallels between the Circle IPO and the ‘ChatGPT moment’ in the crypto industry. “I heard Tom Lee describe the Circle IPO as the ChatGPT moment and I understand it, Wood said.”

She highlighted that the IPO has sparked a significant shift in the attitude of institutional investors towards the crypto space.

“Before, trying to convince institutional investors about crypto felt pointless. But now, they’re seriously digging into it — because missing out on something as big as the AI-and-crypto combo just isn’t an option,” Wood said.

She also credited the IPO for bringing about a change in the regulatory landscape, which led to a surge in institutional interest in the cryptocurrency space.

Wood’s comments come in the wake of Circle’s successful IPO, which saw a 92% surge in its shares since its debut on the NYSE. The company is the issuer of the USDC USDC/USD stablecoin, which has been gaining traction in the crypto market.

Why It Matters: The Circle IPO has been a significant event in the crypto industry, with Wood’s ARK Invest being one of the early investors in the company. Wood had previously praised her team’s successful take on Circle, particularly the work of Raye Hadi, a new member of ARK’s cryptocurrency research team, for their immediate impact on Circle.

Despite Circle’s blockbuster success, the CEO of stablecoin issuer Tether, Paolo Ardoino, had earlier stated that the company had no plans to go public, citing its profitability and conservative management as key reasons behind the decision.

The Circle IPO also coincided with a significant development in the regulatory landscape, as the Senate passed the GENIUS Act, a bill that established the country's first regulatory framework for dollar-pegged stablecoins. This move was celebrated by prominent figures in the cryptocurrency industry, including Coinbase’s Brian Armstrong and Scott Bessent.

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