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

Ark Invest has acquired approximately $30 million in shares of Circle, the issuer behind the USDC stablecoin, as its share price has significantly declined. The firm now holds almost 3 million shares of Circle, valued at over $255 million. The share price of Circle (CRCL) has fallen nearly 38% over the past month, reaching levels not seen since its initial trading day following its IPO. This drop comes despite Circle reporting a 66% year-over-year increase in quarterly revenue for Q3, totaling $740 million. The investment aligns with Cathie Wood's broader strategy, as the firm also maintains investments in other crypto-related stocks and ETFs, including Robinhood and Coinbase. Wood recently predicted a bullish outlook for Bitcoin, amid general market volatility and concerns about stablecoin usage.

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