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ARK Invest adds $13.9 million in Circle shares despite sharp drop
ARK’s disclosed July purchases total 725,517 Circle shares across three actively managed ETFs, and Circle remains a top holding in ARK’s ARKF and ARKK.
Cathie Wood’s ARK Invest bought an additional 220,000 shares of Circle across three actively managed exchange traded funds on Tuesday, extending its July buying streak even as Circle’s stock declined, according to daily trade disclosures reviewed by Cointelegraph.
Based on Circle’s Tuesday closing price of $63.22 on the New York Stock Exchange, the latest purchase was worth about $13.9 million. The trade took ARK’s disclosed July acquisitions to 725,517 shares after earlier buys of 287,609 shares on July 1 and 217,896 shares on July 9.
Circle shares were down about 22% year to date and roughly 76% below their post IPO peak, and ARK’s continued buying comes as some analysts reassess the outlook. Digital asset research platform 10x Research said it no longer considers Circle a buy after the stock fell back below $80, adding that it believes Circle’s fundamentals have meaningfully deteriorated.
As of Wednesday, Circle accounted for 4.37% of the ARK Fintech Innovation ETF, ARKF, valued at about $33 million, making it the fund’s seventh largest holding. Circle was also 3.35% of ARK Innovation ETF, ARKK, worth about $218 million, where it ranked as the ninth largest holding.