Ark Invest Buys $14 Million in Circle Shares, Trims Robinhood Stake

Cathie Wood’s Ark Invest added significantly to its Circle Internet Group holdings on Tuesday while cutting back its position in Robinhood, according to the firm’s latest trading disclosure.

Circle and Block Purchases

Across its ARKK, ARKW and ARKF funds, Ark bought 220,012 shares of Circle, worth roughly $13.9 million at Tuesday’s closing price of $63.22. Circle rose 0.35% on the day but remains down more than 24% over the past month following the early July launch of rival stablecoin project Open USD. Mizuho recently downgraded Circle to Underperform from Neutral, cutting its price target to $50 from $85 over concerns about Open USD’s impact on Circle’s business.

Ark also picked up 19,029 shares of Block Inc., the fintech company co-founded by Jack Dorsey, worth about $1.52 million through its ARKW and ARKF funds. Block shares closed up 1.61% at $79.99.

Robinhood Position Reduced

The firm sold 27,742 shares of Robinhood Markets, valued at around $3.15 million, as the stock gained 3.27% to close at $113.45. Ark regularly adjusts its ETF holdings to keep any single stock from exceeding 10% of a fund’s portfolio, rebalancing as asset values shift.