ARK Invest Buys $18 Million in Circle Stock After Competitor Launch

ARK Invest sold Alibaba shares and purchased shares of three crypto firms on July 1. The investment firm, led by Cathie Wood, sold 79,632 shares of Alibaba Group Holding Limited worth $7.80 million. On the same day, ARK bought approximately $18 million worth of Circle Internet Group shares, approximately $700,000 worth of Bullish shares, and approximately $85,900 worth of SoFi Technologies shares. The purchases followed a nearly 15% drop in Circle stock over two days after more than 140 companies launched a competing stablecoin called Open USD.

ARK Invest Sells Alibaba Shares, Buys Circle, Bullish, and SoFi Shares on July 1

On July 1, ARK Invest sold 79,632 shares of Alibaba Group Holding Limited (NYSE: BABA) worth $7.80 million. The same day, ARK bought shares of three crypto firms: Circle Internet Group (Nasdaq: CRCL), Bullish (NYSE: BLSH), and SoFi Technologies (Nasdaq: SOFI).

Circle Internet Group is a crypto company known for its USDC stablecoin. ARK Invest purchased 287,609 shares of Circle worth approximately $18 million on July 1. The firm also bought approximately $700,000 worth of Bullish shares. Bullish is a Peter Thiel-backed crypto exchange. ARK Invest also purchased approximately $85,900 worth of SoFi shares on July 1. Last year, SoFi Technologies became the first and only nationally chartered bank in the U.S. to launch cryptocurrency trading for retail customers.

Circle Stock Falls Nearly 15% Over Two Days, Then Surges 10% on July 2

The Circle stock fell from the opening price of $72.25 on June 30 to the closing price of $61.95 on July 1. The decline followed an announcement that more than 140 companies, including BlackRock (NYSE: BLK), Coinbase (Nasdaq: COIN), Visa (NYSE: V), Mastercard (NYSE: MA), and Aptos Labs, joined forces to back a new stablecoin called Open USD (OUSD).

The crypto company's stock surged more than 10% on July 2.

Standard Chartered Announces USDC Minting and Redemption Capability for Institutional Clients

Standard Chartered announced the launch of its capability enabling institutional clients to access Circle's USDC minting and redemption on July 2.

FAQ

What did ARK Invest buy on July 1?

ARK Invest bought approximately $18 million worth of Circle Internet Group shares (287,609 shares), approximately $700,000 worth of Bullish shares, and approximately $85,900 worth of SoFi Technologies shares on July 1.

Why did Circle stock fall before ARK Invest's purchase?

Circle stock fell nearly 15% over two days after more than 140 companies, including BlackRock, Coinbase, Visa, Mastercard, and Aptos Labs, announced the launch of a competing stablecoin called Open USD (OUSD).