Cathie Wood\u2019s ARK Invest is doubling down on its bet on USDC issuer Circle even as the company\u2019s stock remains under pressure.<\/p>\n
ARK bought another 220,000 shares of Circle Internet Group (CRCL) across three of its actively managed exchange-traded funds on Tuesday, according to the company\u2019s daily trade disclosure reviewed by Cointelegraph.<\/p>\n
Based on Circle\u2019s Tuesday closing price of $63.22 on the New York Stock Exchange<\/a>, ARK\u2019s latest purchase was worth about $13.9 million.<\/p>\n Circle shares were down about 22% year-to-date and roughly 76% below their post-initial public offering (IPO) peak.<\/p>\n ARK\u2019s latest buy brought its disclosed July acquisitions of Circle shares to 725,517, following previous buys of 287,609 shares on July 1 and 217,896 shares on July 9.<\/p>\n The latest trade disclosures show ARK has consistently added to its Circle position across its flagship funds despite the stock\u2019s prolonged decline, underscoring the investment manager\u2019s conviction in the USDC issuer.<\/p>\n<\/p>\n Source: ARK Invest<\/em><\/p>\n As of Wednesday, Circle accounted for 4.37% of the ARK Fintech Innovation ETF (ARKF), making it the fund\u2019s seventh-largest holding. ARKF\u2019s Circle position was valued at about $33 million, according<\/a> to its latest holdings data.<\/p>\n Related: <\/strong><\/em>USDC issuer Circle wins final approval for US national trust bank charter<\/strong><\/em><\/a><\/p>\n Circle also represented 3.35% of the flagship ARK Innovation ETF (ARKK), where it ranked<\/a> as the fund\u2019s ninth-largest holding, worth about $218 million.<\/p>\n ARK\u2019s latest purchase came as analysts reassessed Circle\u2019s outlook following a sharp decline in the company\u2019s stock price.<\/p>\n Digital asset research platform 10x Research said<\/a> it no longer considers Circle a buy after the stock fell back below $80. In a report published Tuesday, the company said it previously viewed CRCL as attractive below that level but now believes Circle\u2019s fundamentals have \u201cmeaningfully deteriorated.\u201d<\/p>\n<\/p>\n Source: 10x Research<\/em><\/p>\n The research report also pointed to slower USDC activity, including a decline in active addresses, as a concern for Circle.<\/p>\n Related: <\/strong><\/em>USDT wins payments, USDC wins DeFi as stablecoins diverge: Dune<\/strong><\/em><\/a><\/p>\n USDC\u2019s market capitalization has declined roughly 3% year-to-date to $73 billion at the time of publication, according<\/a> to CoinGecko. Despite the recent decline, the stablecoin\u2019s market capitalization remains about 17% higher than a year ago.<\/p>\n Still, 10x Research said a bullish case for Circle remains, adding the stock\u2019s recent decline could either present a long-term buying opportunity or mark the start of a more prolonged downturn.<\/p>\n Magazine: <\/strong><\/em>Strategy became a symbol of the dot-com crash: Could history repeat?<\/strong><\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Cathie Wood\u2019s ARK Invest is doubling down on its bet on USDC issuer Circle even as the company\u2019s stock remains under pressure. ARK bought another 220,000 shares of Circle Internet Group (CRCL) across three of its actively managed exchange-traded funds on Tuesday, according to the company\u2019s daily trade disclosure reviewed by Cointelegraph. Based on Circle\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":36526,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png","fifu_image_alt":"","footnotes":""},"categories":[11990],"tags":[26180,26179,13780,4796,523,16097,1927],"class_list":["post-36525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-plug","tag-725k","tag-ark","tag-buys","tag-circle","tag-july","tag-selloff","tag-shares"],"rttpg_featured_image_url":{"full":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",0,0,false],"landscape":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",0,0,false],"portraits":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",0,0,false],"thumbnail":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",150,150,false],"medium":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",300,300,false],"large":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",1024,1024,false],"1536x1536":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",1536,1536,false],"2048x2048":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",2048,2048,false],"post-thumbnail":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",370,265,false],"kava-thumb-s":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",150,85,false],"kava-thumb-s-2":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",230,230,false],"kava-thumb-m":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",400,400,false],"kava-thumb-m-vertical":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",370,500,false],"kava-thumb-m-2":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",570,450,false],"kava-thumb-l":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",1170,650,false],"kava-thumb-xl":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",1920,1080,false],"kava-thumb-masonry":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",600,999,false],"kava-thumb-justify":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",640,640,false],"kava-thumb-justify-2":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cathie-wood2.png",1280,640,false]},"rttpg_author":{"display_name":"#RiseCelestialStudios","author_link":"https:\/\/design-providers.com\/rise\/author\/ralph-c\/"},"rttpg_comment":0,"rttpg_category":"CRYPTO PLUG<\/a>","rttpg_excerpt":"Cathie Wood\u2019s ARK Invest is doubling down on its bet on USDC issuer Circle even as the company\u2019s stock remains under pressure. ARK bought another 220,000 shares of Circle Internet Group (CRCL) across three of its actively managed exchange-traded funds on Tuesday, according to the company\u2019s daily trade disclosure reviewed by Cointelegraph. Based on Circle\u2019s…","_links":{"self":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts\/36525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/comments?post=36525"}],"version-history":[{"count":1,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts\/36525\/revisions"}],"predecessor-version":[{"id":36527,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts\/36525\/revisions\/36527"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/media\/36526"}],"wp:attachment":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/media?parent=36525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/categories?post=36525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/tags?post=36525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}ARK discloses 725,000 Circle shares in July purchases<\/h2>\n
Analysts see growing risks for Circle<\/h2>\n