Cathie Wood's Ark Invest Buys $30 Million in Circle Shares Ahead of Potential Arc Token

Ark Invest, the investment firm led by Cathie Wood, has acquired approximately $30 million worth of shares in Circle, the issuer of the USDC stablecoin. This acquisition adds to Ark's existing holdings, bringing their total ownership to nearly 3 million shares valued at over $255 million. The shares have recently fallen nearly 38% over the past month, reaching a price point not seen since their initial trading debut. This drop in value comes despite Circle reporting a notable revenue of $740 million for the third quarter, exceeding analyst expectations. The firm is also progressing with its Arc blockchain network, which has sparked speculation about a potential native token. Wood's strategic purchase aligns with her firm's recent activities, including a significant investment in the Ethereum treasury firm BitMine, highlighting Ark Invest's ongoing commitment to crypto-related equities amidst market volatility, including a decline in Bitcoin prices.

Source 🔗