Ark Invest just bought the dip. Hard. Cathie Wood’s firm scooped up $18 million worth of Circle shares as the stablecoin company’s stock keeps sliding.
Circle dropped another 1% Wednesday. That follows an 18% plunge Tuesday after OUSD, a rival stablecoin project, hit the market. Over the past month, Circle’s stock is down 41%.
The timing is interesting. Circle’s USDC is the second-biggest stablecoin by market cap, behind Tether. Competition in the space is heating up. OUSD’s launch is the latest signal that the stablecoin wars aren’t slowing down.
Ark’s bet is a vote of confidence. The firm has a track record of buying into beaten-down names it believes in. Whether Circle bounces back depends on how the next few quarters shake out — and how much damage the newcomers do.
For now, Ark is loading up while everyone else runs for the exits.
