Cathie Wood’s investment company ARK Invest is back to buying shares of USDC issuer Circle as the stock sinks below $90.
ARK bought a total of 542,269 Circle (CRCL) shares over the past two trading days, investing around $46 million, according to the firm’s daily trading disclosures seen by Cointelegraph.
The two acquisitions — a $30.4 million purchase on Wednesday and a $15.5 million buy on Thursday — came amid a decline in CRCL shares, which closed at $86 and $82.30, respectively.
The fresh purchases mark ARK’s first CRCL transactions since the firm offloaded about 1.7 million Circle shares across four sales in June at an average closing price of $200, generating $352 million.
Circle shares: From nearly $300 to $82
Circle shares debuted on the New York Stock Exchange (NYSE) on June 5, opening at $69 and closing $83.2 on the first day of trading, according to NYSE data.
The stock quickly surged to an all-time high of nearly $299 by June 23, but soon faced a sharp sell-off, falling below $200 in July. After losing $100 support on Nov. 11, Circle shares continued dipping further, briefly dropping to $81.40.
After buying half a billion CRCL shares, ARK held 3.1 million shares of Circle as of Friday morning, worth around $256 million at the current market price.
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The holdings are distributed across ARK’s three holding funds, including the ARK Innovation ETF (ARKK), ARK Next Generation internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF).
ARKK, the largest ARK fund with net assets of $8.4 billion, holds the biggest portion of CRCL shares, or $165.7 million.
In addition to resuming Circle buying, ARK has also been actively buying the stock of Bitmine Immersion Technologies (BMNR), a Bitcoin (BTC) mining company that has emerged as the largest public company holding Ether (ETH). On Thursday, the company purchased another 242,347 BMNR shares for about $8.9 million as the stock dropped below $37.
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