Cathie Wood's Ark Invest purchased roughly $18 million in Circle shares as the stablecoin issuer's stock extended a sharp decline, falling 41% over the past month. Circle shares dropped about 1% on the latest trading day after sliding nearly 18% on Tuesday, a move tied to the launch of a rival stablecoin project, OUSD. The competitive threat has weighed on investor sentiment toward Circle, which issues the USDC stablecoin and went public earlier this year. Ark's accumulation suggests the firm views the price weakness as a buying opportunity despite mounting concerns over rising competition in the stablecoin sector. The stock's steep monthly decline reflects broader uncertainty about how new entrants could affect Circle's market position and revenue. Ark has previously bought Circle shares during periods of volatility, consistent with its strategy of investing in disruptive technology firms.
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