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

Ark Invest, led by Cathie Wood, has purchased about $30 million worth of shares in Circle, the issuer of the USDC stablecoin, as its stock price continues to decline. This acquisition involves 353,328 shares of Circle (CRCL), bringing Ark's total holdings to nearly 3 million shares valued around $255 million. Circle's shares have seen a significant drop of nearly 38% in the past month, returning to levels from its initial public offering. Despite the declining stock price, Circle reported better-than-expected Q3 earnings with $740 million in revenue, marking a 66% year-over-year increase. This strategic buy aligns with Ark's previous investment in BitMine Immersion Technologies, reflecting the firm’s approach to capitalize on lower prices in the crypto-related equities. Additionally, the company is anticipating launching a native token for its Arc blockchain, further hinting at a constructive future for Circle amid its current challenges.

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