Cathie Wood's Ark Invest Buys $30 Million in Circle Shares Ahead of Potential Arc Token

Ark Invest, the concern steadfast of noted tech capitalist Cathie Wood, added much than $30 cardinal worthy of shares of stablecoin issuer Circle (CRCL) connected Wednesday, the steadfast reported. 

The steadfast added 353,328 full shares of CRCL crossed 3 of its actively managed ETFs, and present holds astir 3 cardinal full shares valued astir $255 million. 

Ark’s latest bargain comes amid a large autumn successful Circle’s stock price, which has dropped by much than 20% successful the past 5 trading days. CRCL was precocious changing hands astatine $86.21, astir adjacent connected the time soon aft the opening doorbell connected Thursday. 

The caller descent has extended further implicit the people of the past month, dropping 37% successful that clip and present putting CRCL backmost to a people not held since its archetypal time of trading pursuing its massively palmy IPO. 

The USDC issuer’s shares tripled from the $31 IPO terms connected time one, earning aggregate banal trading halts connected relationship of the upward volatility. It past surged further, creating a grounds precocious of conscionable shy of $300 per share.

The descent comes contempt the information that Circle bushed expert forecasts successful Q3, notching $740 cardinal successful quarterly revenue—a 66% year-over-year increase. The steadfast opened the testnet for its stablecoin-specific Arc blockchain web past month, and teased a imaginable autochthonal token arsenic portion of its Q3 report.

USDC Issuer Circle Reports $740M Revenue successful Q3, Beating Analyst Forecasts

Wood’s CRCL dip bargain mirrors her firm’s actions from past week, erstwhile it purchased shares of Ethereum treasury steadfast BitMine Immersion Technologies (BMNR) amid a broader descent successful its stock price. The steadfast added astir $9 cardinal worthy of BitMine, expanding its vulnerability to astir $260 cardinal contempt the information that BMNR has fallen astir 30% successful the past month. 

The steadfast besides maintains vulnerability to different crypto-related equities, similar Robinhood (HOOD) and Coinbase (COIN), and operates its ain Bitcoin ETF. 

Wood famously predicted that Bitcoin would scope a terms of astir $1.5 cardinal per coin by 2030, but past week chopped her people to $1.2 million connected relationship of the accelerated emergence of stablecoin use. 

Bitcoin has fallen astir 0.6% successful the past 24 hours and is present trading astatine $101,128. Predictors connected Myriad Markets—a merchandise of Decrypt's parent company, Dastan—give the largest crypto plus by marketplace headdress astir a 62% accidental of pumping to $115,000 earlier it drops to $85,000.