ARK Invest purchased 220,000 shares of Circle Internet Group (CRCL) across three actively managed exchange-traded funds on Tuesday, according to the company's daily trade disclosure. The purchase, worth approximately $13.9 million based on Circle's Tuesday closing price of $63.22 on the New York Stock Exchange, came as the USDC issuer's stock remained under pressure. Circle shares were down about 22% year-to-date and roughly 76% below their post-initial public offering peak.
ARK Discloses 725,000 Circle Shares in July Purchases
ARK's Tuesday acquisition brought its disclosed July purchases of Circle shares to 725,517, following previous buys of 287,609 shares on July 1 and 217,896 shares on July 9. The trade disclosures show ARK has consistently added to its Circle position across its flagship funds despite the stock's prolonged decline.
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ARK Invest's disclosed Circle share purchases. Source: ARK Invest
Circle Represents 4.37% of ARK Fintech Innovation ETF
As of Wednesday, Circle accounted for 4.37% of the ARK Fintech Innovation ETF (ARKF), making it the fund's seventh-largest holding. ARKF's Circle position was valued at about $33 million, according to its latest holdings data. Circle also represented 3.35% of the flagship ARK Innovation ETF (ARKK), where it ranked as the fund's ninth-largest holding, worth about $218 million.
Analysts Reassess Circle Outlook Following Stock Decline
Digital asset research platform 10x Research said it no longer considers Circle a buy after the stock fell back below $80. In a report published Tuesday, the company said it previously viewed CRCL as attractive below that level but now believes Circle's fundamentals have "meaningfully deteriorated." The research report also pointed to slower USDC activity, including a decline in active addresses, as a concern for Circle.
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Circle stock performance analysis. Source: 10x Research
USDC's market capitalization has declined roughly 3% year-to-date to $73 billion at the time of publication, according to CoinGecko. Despite the recent decline, the stablecoin's market capitalization remains about 17% higher than a year ago. 10x Research said a bullish case for Circle remains, adding the stock's recent decline could either present a long-term buying opportunity or mark the start of a more prolonged downturn.
FAQ
How many Circle shares did ARK Invest buy in July?
ARK Invest disclosed purchases totaling 725,517 Circle shares in July, including 287,609 shares on July 1, 217,896 shares on July 9, and 220,000 shares on Tuesday. The Tuesday purchase was valued at approximately $13.9 million based on Circle's closing price of $63.22 on the New York Stock Exchange.
Why did 10x Research change its view on Circle stock?
10x Research said it no longer considers Circle a buy after the stock fell below $80. The research platform stated Circle's fundamentals have "meaningfully deteriorated" and pointed to slower USDC activity, including a decline in active addresses, as concerns. The report was published Tuesday following Circle's stock decline.
What is USDC's current market capitalization?
USDC's market capitalization stood at $73 billion at the time of publication, according to CoinGecko. The stablecoin's market cap has declined roughly 3% year-to-date but remains about 17% higher than a year ago.
