ARK Invest Buys Circle Shares Amid Clear Street Price Target Cuts

Cathie Wood's ARK Invest has been buying up shares of Circle, with roughly 130,000 additional shares acquired across three ETFs. This purchase comes as Clear Street lowered its price target on Circle to $128 from $157 while maintaining a 'Buy' rating. The CRCL stock still managed to rise over 1% in pre-market trade.

Circle and Coinbase are also linked through the USDC stablecoin, which they jointly manage. Clear Street cut its price target for Coinbase as well, but to $225 from $244, with a 'Buy' rating remaining intact. The retail sentiment on Stocktwits around both companies remains divided.

The market's overall performance was mixed, with Bitcoin struggling to hold above the $65,000 mark despite a 1% decline in price over the past day. However, shares of crypto-linked stocks like CRCL and COIN edged higher in pre-market trade. This is largely attributed to anticipation of the CLARITY Act's impact on these businesses.