Ark Invest bought $30.5 million worth of shares of Circle Internet (CRCL) on Wednesday, as the issuer of the second-largest stablecoin fell 12%.
Cathie Wood’s investment management firm has added a total of 353,328 CRCL shares in three of its exchange-traded funds (ETFs): Innovation (ARKK), Next Generation Internet (ARKW) and Fintech Innovation (ARKF).
Ark frequently buys large amounts of the company’s stock when the price seems temporarily depressed. CRCL slipped to $86.30, the lowest close since June 5, following its biggest one-day decline since a 16% fall on June 27.
The fall in Circle’s stock price coincided with the USDC issuer reporting third-quarter net profit of $214 million, triple the figure for the same quarter last year. While earnings per share (EPS) of 64 cents beat analyst estimates, concerns about a cut in U.S. interest rates next month weighed on the stock. Lower rates reduce the returns on instruments the company holds to support the dollar-pegged token.
