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Despite a 41% Drop, ARK Invest Buys $17.8 Million in Circle Shares
ARK Invest, owned by Cathie Wood, has once again increased its stake in Circle Internet Group (NYSE: CRCL) with a purchase worth around $17.8 million, even though the stablecoin company's stock price has fallen nearly 41% in the past month.
This move signals ARK Invest's confidence in Circle's long-term prospects amid ongoing pressure on its stock. Previously, ARK has also taken advantage of price weakness to accumulate CRCL shares on several occasions.
Over the past month, Circle's stock has faced headwinds from negative sentiment, including the Russell index rebalancing that removed CRCL from several growth indices, as well as increasing competition in the stablecoin industry.
Despite this, Cathie Wood is known for consistently applying a buy-the-dip strategy—investing more in companies with strong fundamentals when their stock prices undergo significant corrections.
Circle is the issuer of USDC, the second-largest stablecoin in the world by market capitalization. The company is seen as a key player in developing blockchain-based digital payment infrastructure and continues to expand partnerships with global financial institutions.
ARK Invest's latest purchase indicates that the investment firm remains optimistic about Circle's business growth, even though CRCL's stock volatility is expected to persist in the short term.