Ark Invest buys $15.6 million in Circle shares, adds BitMine and Bullish positions

Cathie Wood's Ark Invest purchased $15.56 million worth of Circle Internet Group shares on Thursday, along with millions of dollars in BitMine and Bullish shares, across three of its exchange-traded funds.

Ark Invest's Thursday trade filing shows that the ARK Innovation ETF (ARKK) bought 130,595 shares of Circle, while the ARK Next Generation Internet ETF (ARKW) added 38,313 Circle shares to its portfolio. The ARK Fintech innovation ETF (ARKF) also purchased 20,033 Circle shares.

The three ETFs also bought 242,347 shares of BitMine Immersion Technologies Inc., worth roughly $8.86 million, and 177,480 shares of Bullish valued at $7.28 million.

Ark’s purchases came as all three stocks fell sharply on Thursday. Circle closed down 4.59% at $82.34, according to The Block's price page. BitMine dropped 9.86% to $36.57, while Bullish fell 9.85% to $41.02.

Earlier this week, Circle reported strong third-quarter results, posting $740 million in total revenue, up 66% year-on-year. Its net income surged 202% to $214 million. USDC circulation ended the quarter at $73.7 billion, up 108% from a year earlier.

Analysts at investment bank William Blair gave Circle an "outperform" rating for its stock in a Wednesday report, saying they view the company as a clear leader in a winner-take-most market as it builds out key infrastructure, including the Circle Payments Network and Arc.

On Wednesday, Circle said it is "exploring the possibility" of launching a native token for its Arc blockchain as part of a broader push to expand onchain programmable finance. The company rolled out the Arc public testnet last month for its stablecoin-centric Layer 1 chain.