Ark Invest, led by Cathie Wood, purchased 161,513 shares of Circle stock valued at approximately $16.34 million on March 24, despite a 20% decline in Circle's stock price that day. The acquisition was made through Ark's ETF, with shares priced at $101.17 each. Concurrently, Ark sold 41,064 shares of Bullish stock for about $1.53 million. Circle's stock price drop was attributed to several factors, including a leaked draft of the US Clarity Act that could restrict stablecoin returns, impacting Circle's USDC business. Additionally, Circle's freezing of USDC balances in 16 hot wallets raised centralization concerns, and competitor Tether's audit announcement further pressured Circle. Despite these challenges, Circle's stock saw a 1.5% recovery in after-hours trading.
Ark Invest Acquires $16.34M in Circle Stock Amid 20% Price Drop
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