Cathie Wood Stands by Circle Despite 42% Slump

Cathie Wood, founder of ARK Invest, defended Circle Internet Group Inc. (CRCL) after its share price slid by 42% over the past year.

Wood argued that Wall Street analysts are unable to value stablecoin issuer Circle due to their legacy payment network backgrounds.

'Many financial services analysts have built their long-term track records off of $V and $MA and cannot fathom Circle, the disrupter,' Wood wrote on Sunday in response to a chart comparing one-year share performance across Visa Inc. (V), Mastercard Inc. (MA) and Circle.

Circle priced its IPO at $31 per share and closed Friday at $87.98, a gain of roughly 184%, not 84% as Wood claimed.