Cathie Wood’s ARK Buys The Dip With $46M Circle Stake

Cathie Wood’s investment company, ARK Invest, has again bought shares of USDC issuer Circle, as the stock falls below $90.

ARK bought a total of 542,269 Circle (CRCL) shares in the last two trading days, investing about $46 million, according to the firm’s trading disclosure seen by Cointelegraph.

The two purchases — 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.

The fresh acquisitions mark ARK’s first CRCL transactions since the company unloaded about 1.7 million Circle shares through four sales in June at an average closing price of $200, generating $352 million.

Circle shares: From almost $300 to $82

Circle shares debuted on the New York Stock Exchange (NYSE) on June 5, opened at $69 and closed at $83.2 on the first day of trading, according to to NYSE data.

On June 23, it immediately reached a maximum of almost $299, but soon faced a strong sell-off, which fell below $200 in July. After missing the $100 support on November 11, Circle shares continued to fall further, briefly dipping to $81.40.

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

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The funds are distributed across ARK’s three holding funds, including ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF).

ARKK, ARK’s largest fund with net assets of $8.4 billion, keep the largest share of CRCL shares, or $ 165.7 million.