Ark Invest scoops up $18 million in Circle shares as stock dips 41% over past month
Quick TakeCathie Wood-led Ark Invest bought $17.8 million worth of Circle shares on Wednesday.Circle closed down 1% today after falling nearly 18% on Tuesday following the launch of the rival stablecoin project OUSD. Cathie Woods investment firm Ark Invest snapped up more shares of Circle Internet Group on Wednesday as the USDC stablecoin issuers stock slipped further. The firms latest trading disclosure shows that Ark bought a total of 287,609 shares of Circle across three of its exchange-traded funds — ARKK, ARKW, and ARKF. At todays closing price of $61.95, Ark Invest added roughly $17.8 million worth of the stock. Circle (CRCL) closed down 1.1% today after it plunged by nearly 18% during Tuesdays trading session, which marked its worst single-day decline in recent months. It is down 41% over the past month. The sharp fall was widely attributed to Open Standard announcing Open USD (OUSD), a new stablecoin backed by more than 140 companies including Visa, Stripe, Mastercard, BlackRock and Coinbase. Investors assessed potential competitive threats to Circles USDC, and Coinbases involvement in the new stablecoin project, as the exchange earns roughly 50% of USDCs reserve income under its distribution agreement with Circle. No immediate threat While CRCL took a heavy hit and extended its decline