Ark Invest increased its exposure to Circle Internet (CRCL) on Wednesday, purchasing $30.5 million worth of shares as the stablecoin issuer’s stock dropped 12%.
Cathie Wood’s investment firm accumulated 353,328 CRCL shares across three ETFs — ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF). The move mirrors Ark’s usual strategy of buying heavily when it views a price dip as temporary.
CRCL closed at $86.30, its lowest level since June 5, and logged its sharpest daily decline since tumbling 16% on June 27.
The sell-off came even as Circle delivered strong third-quarter results, reporting $214 million in net income — three times last year’s figure. Earnings per share landed at 64 cents, topping analyst forecasts. However, growing expectations of a U.S. interest-rate cut next month weighed on the stock, as lower rates would shrink the yields Circle earns on the reserves backing USDC.
Despite the pressure, Ark’s latest buy signals continued conviction in Circle’s long-term fundamentals.
