Ark Invest Acquires $30 Million in Circle Shares Amid Market Dip

Cathie Wood's Ark Invest capitalized on Circle's post-earnings decline, snapping up 353,328 shares worth $30.5 million across three ETFs. The buying spree occurred despite Circle's stock dropping 12.2% to $86.30, a paradoxical MOVE given the stablecoin issuer's robust financial performance.

Circle reported staggering growth metrics: $740 million Q3 revenue (up 66% YoY), net income surging 202% to $214 million, and USDC circulation exploding 108% to $73.7 billion. The company now commands 29% of the global stablecoin market, processing $9.6 trillion in on-chain volume.

Market concerns linger about Circle's interest income exposure as Fed rate cuts loom, though CFO Jeremy Fox-Geen argues economic stimulus could offset this. Ark's conviction play signals institutional belief in stablecoins' infrastructure role, with purchases distributed across ARK Innovation (245,830 shares), Next Generation Internet (70,613 shares), and Fintech Innovation (36,885 shares) ETFs.