Cathie Wood's investment firm Ark Invest loaded up on more shares of Circle Internet Group and Block Inc. on Tuesday, while trimming its Robinhood holdings.
The firm's latest trading disclosure shows that Ark bought a total of 220,012 shares of Circle across three of its exchange-traded funds — ARKK, ARKW, and ARKF.
At Tuesday's closing price of $63.22, Ark Invest added roughly $13.9 million worth of the stock.
Circle (CRCL) rose 0.35% on Tuesday but remains down 24.17% over the past month, after a sharp fall in early July following the launch of the new stablecoin project Open USD.
While some analysts maintained their optimistic outlook for Circle, Mizuho recently downgraded the stablecoin issuer to Underperform from Neutral and cut its price target to $50 from $85, citing Open USD's threat to Circle's future business.
