ARK Adds to CoreWeave and Circle Ahead of Earnings
ARK’s biggest purchase was CoreWeave, buying 298,243 shares worth about $22.04 million through the ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW). CoreWeave stock fell more than 2% on Friday and has come under pressure after the AI cloud company offered better terms on a $2.6 billion loan. The funding will help expand computing capacity for major customers. With second-quarter results due on August 11, Wood appeared to use the recent pullback to add to her position.
ARK also bought 109,129 shares of Circle worth about $7.01 million through ARKK, ARKW, and the ARK Fintech Innovation ETF (ARKF). Circle stock also fell more than 2% on Friday after Bernstein analyst Gautam Chhugani lowered his price target to $140 from $190 ahead of the company’s August 5 earnings report.
Even so, Chhugani said Open USD “poses less of a threat to Circle than the market expected.” He added that major partners, including Visa (V), continue to work with Circle.
ARK Trims Shopify Ahead of Results
