Ark Invest Boosts Stake in Circle Following Strong Q2 Earnings
Cathie Wood's Ark Invest made a significant move into Circle Internet Group on August 5, coinciding with the stablecoin issuer's second-quarter earnings release. The investment firm acquired 273,343 shares of Circle across three ETFs, totaling around $17.3 million.
The acquisition occurred despite minimal market reaction to Circle's quarterly results. The company reported a 7% year-over-year growth in revenue, reaching $701 million during the second quarter. Adjusted EBITDA grew 8% to $143 million.
Circle's USDC stablecoin saw significant adoption, with the total supply in circulation standing at $73.3 billion by quarter’s end, representing a 19% annual gain. On-chain transaction volume surged to $14.8 trillion, marking an impressive 151% increase year-over-year.