Wood Defends Circle Bet Against Skeptical Wall Street Analysts

Cathie Wood has continued to purchase shares of Circle, despite its stock price falling by 42% over the past year. In a recent statement, she argued that Wall Street analysts who have built their careers on Visa and Mastercard cannot understand the company's business model.

Circle issues USDC, a digital dollar backed by cash and short-term US government debt. Wood runs ARK Invest, and Circle is now the biggest crypto bet in her flagship fund.

Wood pointed out that analysts who have built their careers on Visa and Mastercard are struggling to comprehend the company's growth potential. She noted that Mastercard has appreciated roughly 150 times since its initial public offering in 2006, while Visa has appreciated approximately 33 times since its IPO in 2008.