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

Cathie Wood's investment firm, Ark Invest, purchased approximately $30 million worth of shares in Circle, the issuer of the stablecoin USDC, amidst a significant drop in the company's stock price. This acquisition involved 353,328 shares of Circle (CRCL), bringing Ark's total holdings to nearly 3 million shares valued at around $255 million. Notably, the shares of CRCL have plummeted by nearly 38% in the last month, returning to levels not seen since its IPO. Despite this decline, Circle reported strong Q3 earnings, exceeding analyst expectations with $740 million in revenue, a 66% year-over-year increase. Ark Invest's response follows a pattern in which they capitalize on declining stock prices, having recently added shares of BitMine Immersion Technologies as well. Furthermore, Circle is working on its Arc blockchain network and has hinted at the launch of a potential native token, indicating ongoing innovation within its operations.

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