Cathie Wood’s investment company, ARK Invest, has resumed purchasing shares of Circle, the issuer of the USDC stablecoin, as the company's stock price has fallen below $90.
According to ARK Invest's daily trading disclosures, the firm acquired a total of 542,269 Circle (CRCL) shares over the past two trading days, representing an investment of approximately $46 million.
These acquisitions, with a $30.4 million purchase on Wednesday and a $15.5 million buy on Thursday, occurred while CRCL shares were in decline, closing at $86 and $82.30, respectively.
These recent purchases mark ARK Invest's first transactions involving Circle shares since June, when the firm divested approximately 1.7 million Circle shares across four sales. During that period, the shares were sold at an average closing price of $200, generating $352 million for ARK Invest.
Circle Shares: A Significant Price Decline
Circle shares debuted on the New York Stock Exchange (NYSE) on June 5. On its first day of trading, the stock opened at $69 and closed at $83.2, according to NYSE data.
The stock experienced a rapid surge, reaching an all-time high of nearly $299 by June 23. However, it soon faced a substantial sell-off, dropping below $200 in July. After losing the $100 support level on November 11, Circle shares continued their downward trend, briefly falling to $81.40.
Following the recent purchases totaling half a billion CRCL shares, ARK Invest held 3.1 million Circle shares as of Friday morning. These holdings are valued at approximately $256 million at the current market price.
The Circle shares are distributed across three of ARK Invest's funds: the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF).
The ARK Innovation ETF (ARKK), which is ARK Invest's largest fund with net assets of $8.4 billion, holds the most significant portion of CRCL shares, valued at $165.7 million.
ARK Invest's Broader Investment Activity
In addition to resuming its purchases of Circle stock, ARK Invest has also been actively acquiring shares of Bitmine Immersion Technologies (BMNR). BMNR is a Bitcoin mining firm that has become the largest public company holding Ether (ETH).
On Thursday, ARK Invest purchased an additional 242,347 BMNR shares for approximately $8.9 million, as the stock price dipped below $37.