Circle · Ark Invest · Cathie Wood · Stripe · The Block
Ark Invest scoops up $18 million in Circle shares as stock dips 41% over past month
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Cathie Wood's investment firm Ark Invest snapped up more shares of Circle Internet Group on Wednesday as the USDC stablecoin issuer's stock slipped further.
Key facts
- Meanwhile, Ark also scooped up 27,740 shares of crypto exchange Bullish, worth $699,880
- Circle (CRCL) closed down 1.1% today after it plunged by nearly 18% during Tuesday's trading session, which marked its worst single-day decline in recent months
- Cathie Wood's investment firm Ark Invest snapped up more shares of Circle Internet Group on Wednesday as the USDC stablecoin issuer's stock slipped further
- The sharp fall was widely attributed to Open Standard announcing Open USD (OUSD), a new stablecoin backed by more than 140 companies including Visa, Stripe, Mastercard, BlackRock and Coinbase
Summary
The firm's latest trading disclosure shows that Ark bought a total of 287,609 shares of Circle across three of its exchange-traded funds, ARKK, ARKW, and ARKF. Circle (CRCL) closed down 1.1% today after it plunged by nearly 18% during Tuesday's trading session, which marked its worst single-day decline in recent months. The sharp fall was widely attributed to Open Standard announcing Open USD (OUSD), a new stablecoin backed by more than 140 companies including Visa, Stripe, Mastercard, BlackRock and Coinbase. Investors assessed potential competitive threats to Circle's USDC, and Coinbase's involvement in the new stablecoin project, as the exchange earns roughly 50% of USDC's reserve income under its distribution agreement with Circle.