Crypto Stocks Rise Despite Bitcoin Dip

Shares of Circle and Coinbase are rising in pre-market trade despite Bitcoin's dip. This unusual trend comes as Clear Street lowers its price targets on both companies but maintains 'Buy' ratings.

Circle (CRCL) has seen a significant increase after Cathie Wood's ARK Invest added more shares to three of its exchange-traded funds, including the flagship ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF). The total purchases across these funds come out to roughly 130,136 shares.

Clear Street has lowered its price target on Circle to $128 from $157 as part of a Q2 earnings preview. Despite this cut, CRCL stock gained more than 1% in pre-market trade.

Coinbase (COIN) is also trading higher after receiving antitrust approvals for its planned $4.2 billion acquisition of Equiniti. The deal remains subject to other approvals and customary closing conditions, with completion targeted for January 2027.