ARK Boosts Block and Circle Holdings Amid Stablecoin Frenzy
Cathie Wood's ARK Investment Management has added significant positions in Block and Circle as part of its ongoing efforts to rebalance its funds. On August 31, the firm purchased 456,059 shares of Block Inc., worth around $37.4 million, and 35,192 shares of Circle Internet Group, valued at approximately $3.36 million. These buys were made across ARK's three actively managed equity ETFs.
The purchases came on a day when Block shares slipped 1.85% while Circle's stock surged 9.65%, its strongest single-session gain in weeks. The increase was tied to the debut of USDC-branded Chelsea FC kit in the Premier League, which marked the first time a stablecoin issuer had taken the primary shirt slot for a Premier League club.
ARK's August 31 buys extend the firm's ongoing dip-buying campaign in Circle, with the July purchase of close to $45 million still being reflected in the firm's daily trade notification. The trades appear on ARK's transparency file, which it publishes for every buy and sell in its six actively managed funds.