With Circle Down 12%, Ark Invest Adds $30.5M Worth of Shares to Its Portfolio

Ark Invest ramped up its position in Circle Internet (CRCL) on Wednesday, purchasing $30.5 million worth of shares as the stablecoin issuer’s stock suffered a sharp 12% decline.

Cathie Wood’s firm acquired a combined 353,328 CRCL shares through three of its exchange-traded funds: the ARK Innovation ETF (ARKK), the Next Generation Internet ETF (ARKW) and the Fintech Innovation ETF (ARKF).

Ark is known for buying aggressively into market pullbacks, and Circle’s slump provided another entry point. CRCL finished the day at $86.30 — its lowest closing price since June 5 — following its steepest one-day drop since a 16% slide on June 27.

The downturn came despite strong quarterly results. Circle reported third-quarter net income of $214 million, tripling its performance from the same period last year. Earnings per share landed at 64 cents, topping expectations. Still, fears of an upcoming U.S. interest-rate cut pressured the stock, as lower yields would reduce returns on the reserve assets backing the USDC stablecoin.

Ark’s latest purchase suggests the firm views the sell-off as temporary and remains confident in Circle’s broader trajectory.