Cathie Wood’s ETFs Scoop Up Circle, BitMine and Bullish on Dip

Ark Invest, the investment firm led by Cathie Wood, purchased $15.56 million worth of Circle Internet Group shares across three of its exchange-traded funds on Thursday, according to the company’s daily trading disclosure. The firm also added positions in BitMine Immersion Technologies and Bullish, spending $8.86 million and $7.28 million respectively. Ark’s flagship ARK Innovation ETF (ARKK) bought 130,595 shares of Circle, while the ARK Next Generation Internet ETF (ARKW) added 38,313 shares and the ARK Fintech Innovation ETF (ARKF) purchased 20,033 shares. In total, the three funds acquired 542,269 Circle shares over two trading days, investing around $46 million after a separate $30.4 million purchase the previous session. The buying spree came as all three stocks declined sharply on Thursday. Circle closed down 4.6% at $82.34, BitMine dropped 9.9% to $36.57, and Bullish fell 9.8% to $41.02. The trades mark Ark’s first Circle purchases since June, when the firm sold about 1.7 million shares at an average price of $200, booking roughly $352 million in proceeds.

Circle’s Fundamentals Show Strong Quarter

Earlier this week, Circle reported third-quarter revenue of $740 million, a 66% increase from the prior year. Net income rose 202% to $214 million, while USDC circulation ended the quarter at $73.7 billion, up 108% year-on-year. Analysts at William Blair rated the stock “outperform,” citing the company’s growing market share in digital payments and its “winner-take-most” position in stablecoin infrastructure. The company recently said it was “exploring the possibility” of launching a native token for its Arc blockchain, part of a broader push into programmable finance. Arc’s public testnet went live last month, positioning the platform as a Layer 1 network centered on stablecoin and payments use cases. Circle shares debuted on the New York Stock Exchange in June, opening at $69 and closing at $83.20 on the first day. The stock surged to nearly $299 within three weeks before a steep correction that drove prices below $90 by November. At Friday’s open, Circle traded near $82, down more than 70% from its June highs.

Ark’s Broader Crypto Exposure

Ark’s latest allocation expands its footprint in crypto and blockchain stocks. The funds’ combined Circle holdings now total about 3.1 million shares, worth approximately $256 million at current prices. The ARK Innovation ETF, with $8.4 billion in net assets, holds the largest portion at roughly $165.7 million. Alongside Circle, Ark has been active in BitMine Immersion Technologies (BMNR), a bitcoin mining company that also holds a large ether position, making it the largest public holder of ETH. Ark purchased another 242,347 BMNR shares Thursday for about $8.9 million as the stock fell below $37. The firm also added 177,480 shares of Bullish, a digital asset exchange whose stock has traded lower since its August IPO. The moves reflect Wood’s ongoing bet on the recovery of crypto-related equities after a volatile summer for digital assets. ARK’s cumulative purchases this week make Circle one of its most actively traded holdings of 2025, second only to Coinbase earlier in the year.

Outlook

With Circle’s revenue accelerating and its onchain initiatives expanding, analysts expect increased institutional participation in the stock once market volatility eases. Ark’s purchases, despite falling prices, suggest confidence in Circle’s long-term profitability and in the broader rebound of crypto-linked equities. Whether this marks the start of a sustained recovery for stablecoin infrastructure stocks remains to be seen. For now, Ark’s trades indicate that the firm sees current levels as an opportunity to accumulate ahead of a potential sector re-rating in 2026.