ARK’s Cathie Wood Doubles Down: $46M Bet on Circle & BitMine Signals Crypto Confidence
Cathie Wood's ARK just dropped $46 million on Circle and BitMine stock—another classic 'buy when there's blood in the streets' move. The crypto queen stays on brand.
Why this matters: When traditional investors panic, Wood sees payday. Her latest scoop-up targets two players poised to rebound—if you believe the hype.
The fine print: Remember when 'disruptive innovation' meant more than buying dips and praying? Pepperidge Farm remembers.
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New filings show ARK bought 542,269 Circle shares over the past two sessions. The purchases totaled about $46 million and came while Circle traded at $86 on Wednesday and $82.30 on Thursday.
This marks ARK’s first return to Circle since June, when the firm sold roughly 1.7 million shares at an average price NEAR $200. Those sales generated more than $350 million at the time.
ARK Snaps Up Circle Shares after a Steep Slide
Circle’s stock has been on a crazy ride since its June debut on the New York Stock Exchange. Shares opened at $69 and closed just above $83 on the first day before ripping to nearly $299 by late June.
The run did not last. Circle quickly tumbled below $200 in July, slipped under $100 this week, and briefly touched $81.40s. The MOVE drew ARK back in after months on the sidelines.
Following the new purchases, ARK now holds about 3.1 million Circle shares worth roughly $256 million at current prices. Those shares sit across ARKK (ARKK), ARKW (ARKW) and ARKF (ARKF), with the flagship ARKK fund holding the largest position at more than $165 million.
ARK Expands Buying Beyond Circle
Circle was not ARK’s only target this week. The firm also boosted its position in Bitmine Immersion Technologies (BMNR), a Bitcoin mining company that has become the largest public holder of Ethereum. ARK bought another 242,347 BMNR shares for about $8.9 million as the stock dipped below $37.
Wood has frequently bought into weakness across ARK’s high-conviction names. This latest round continues that strategy as crypto-linked equities reset after a volatile stretch.
Investors can compare both Circle and Bitmine Immersion Technologies stocks on the TipRanks Stocks Comparison Tool. Click on the image below to find out more.
