ARK Invest, led by Cathie Wood, purchased approximately 109,129 shares of Circle for nearly $6.83 million. The purchase was made through three exchange-traded funds: the flagship ARK Innovation ETF (77,103 shares), the ARK Next Generation Internet ETF (22,238 shares), and the ARK Fintech Innovation ETF (9,788 shares).
Several days before the purchase, Circle received a trust license from the New York State Department of Financial Services. The approval applies to Circle Internet Trust Company LLC, which will operate under the name Circle New York Trust. The company's CEO, Jeremy Allaire, called this event a "long-term goal for the company."
Despite the regulatory approval, on July 31, CRCL shares fell 2.54% to $62.61, according to Yahoo Finance. Investors likely did not see the license as a basis for stock growth.
ARK Invest also purchased shares of Tesla, SpaceX, and Nvidia worth approximately $40.2 million amid a sell-off in technology companies. Additionally, Cathie Wood's company reduced its holdings in a number of other companies, including Shopify, Cloudflare, and CrowdStrike.
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