Ark Invest Bolsters Circle and Block Holdings

Ark Invest has continued its pattern of buying selected stocks after price declines while rebalancing portfolio holdings. The investment firm purchased $13.9 million worth of Circle Internet Group shares through three of its exchange-traded funds (ETFs): ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARKF Fintech Innovation ETF.

The purchase comes after Circle's recent price slide, with the stablecoin issuer down 24.17% over the past month following a sharp decline earlier in July. The company has also faced competition from Open USD, which could pressure its business over time according to Mizuho, who downgraded Circle to Underperform from Neutral and lowered its price target to $50 from $85.

Ark Invest also added to its Block position by buying 19,029 shares of the blockchain-focused fintech company. However, it trimmed its Robinhood Markets position by selling 27,742 shares after the brokerage's shares gained more than 3% on Tuesday.