As Circle's stock price fell below $90, Cathie Wood's investment firm ARK Invest resumed purchasing shares of USDC stablecoin issuer Circle.
Cointelegraph learned that according to ARK's daily trading disclosure data, the firm acquired a total of 542,269 shares of Circle (CRCL) stock over the past two trading days, with an investment amount of approximately $46 million.
These two acquisitions—$30.4 million on Wednesday and $15.5 million on Thursday—occurred as the CRCL stock price declined, closing at $86 and $82.30 on those two days, respectively.
This new acquisition marks ARK's first CRCL transaction since selling approximately 1.7 million shares of Circle stock in four trades in June. At that time, the firm sold these shares at an average price of $200 each, realizing a profit of $352 million.
According to data from the New York Stock Exchange (NYSE), Circle stock debuted on June 5 at the NYSE with an opening price of $69, closing at $83.2 on its first trading day.
The stock quickly climbed to a historical high of nearly $299 on June 23 but then faced severe sell-offs, dropping below $200 in July. After losing the $100 support level on November 11, Circle's stock price continued to decline, reaching a low of $81.40 at one point.
After acquiring 500 million CRCL shares, as of Friday morning, ARK holds 3.1 million shares of Circle stock, valued at approximately $256 million at current market prices.
These holdings are distributed across three of ARK's funds, including the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
As the largest ARK fund with a net asset value of $8.4 billion, ARKK holds the largest proportion of CRCL stock, valued at approximately $165.7 million.
In addition to resuming purchases of Circle, ARK has also been actively buying shares of Bitcoin (BTC) mining company Bitmine Immersion Technologies (BMNR), which has become the publicly traded company with the most Ethereum (ETH) holdings. It is reported that on Thursday, as the stock price fell below $37, ARK purchased an additional 242,347 shares of BMNR, investing approximately $8.9 million.
Related: Circle enters the world's largest financial market, launching on-chain foreign exchange engine
Original: “CRCL price falls below $90, Cathie Wood's ARK invests $46 million in Circle stock”
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