Ark Invest Buys $30.5M Circle Shares as CRCL Stock Price Falls 12%
Ark Invest purchased $30.5 million in Circle (CRCL) shares after the stock dropped 12% following its Q3 earnings report.Summary
Cathie Wood's investment firm, Ark Invest, acquired 353,328 shares of Circle Internet (CRCL) across three of its ETFs: Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF), totaling $30.5 million. This purchase occurred on Wednesday as CRCL stock experienced a 12% decline, hitting its lowest close since June 5th. The stock's drop coincided with Circle reporting a third-quarter net income of $214 million, triple the previous year's figure, and earnings per share (EPS) of 64 cents, which beat analyst estimates. However, investor concern over a potential U.S. interest-rate cut next month negatively impacted the stock, as lower rates reduce the returns on the instruments Circle holds to back its USDC stablecoin.
(Source：CoinDesk)