Cathie Wood’s Ark Buys Dip with $46m Circle Stake

Cathie Wood’s investment company Ark Invest returned to buying shares of USDC Issuer Circle as the stock sank below $90.

Ark bought a total of 542,269 Circle (CRCL) shares in the past two trading days, investing around $46 million, according to the company’s daily trading disclosure seen by Cointelegraph.

The two acquisitions – a $30.4 million purchase on Wednesday and a $15.5 million purchase on Thursday – came amid a decline in CRCL shares, which closed at $86 and $82.30, respectively.

Mark Ark’s fresh purchases of CRCL’s first transaction from the firm Offloaded about 1.7 million circle shares Across four sales in June at an average closing price of $200, generating $352 million.

Circle Shares: From about $300 to $82

Circle Shares debuted on the New York Stock Exchange (NYSE) on June 5, opening at $69 and closing at $83.2 on the first day of trading, according in NYSE data.

The stock quickly rallied to an all-time high of nearly $299 on June 23, but soon faced a sharp selloff, falling below $200 in July. After missing $100 support on November 11, Circle shares continued to sink further, briefly dipping to $81.40.

After buying half a billion shares of CRCL, Ark held 3.1 million shares of Circle as of Friday morning, worth $256 million at the current market price.

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Holdings are distributed across three ARK funds, including the ARK Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW) and ARK FINTECH Innovation ETF (ARKF).

Arkk, the largest ARK fund with net assets of $8.4 billion, holder The largest share of CRCL shares, or $ 165.7 million.