Cathie Wood’s ARK Funds Buy 161,513 Circle Shares for $16.3M
ARK Invest repurchased 161,513 Circle Internet Group shares at $101.17, spending $16.3 million after earlier sales. This move came after a Senate bill proposal to ban interest-like returns on USDC reserves, jeopardizing Circle's core revenue source.
1. ARK Invest Trading Activity
In early March ARK Innovation, Next Generation Internet and Blockchain & Fintech Innovation ETFs sold a portion of Circle shares then repurchased 161,513 shares at $101.17 per share, spending $16.3 million on the dip.
2. Senate Bill Targets USDC Interest Returns
A proposed Senate CLARITY bill would ban interest-like returns on stablecoin balances, directly threatening Circle’s primary revenue source of earning interest on USDC reserves.
3. Market and Investor Implications
This contrarian move highlights potential volatility in Circle’s stock based on regulatory shifts and raises questions about stablecoin yield sustainability and portfolio allocation.