Ark Invest Buys More Circle and Block, Trims Robinhood Stake
Summary
- Ark Invest bought an additional 220,012 Circle shares for about $13.9 million through its flagship ETFs, ARKK, ARKW and ARKF.
- Mizuho downgraded Circle to Underperform over concerns about OpenUSD and cut its price target to $50 from $85.
- Ark Invest bought more Block shares worth about $1.52 million and sold 27,742 Robinhood shares worth about $3.15 million as it rebalanced positions under its 10% ETF portfolio cap.
Forecast Trend Report by Period
Ark Invest, led by Cathie Wood, bought additional shares of Circle and Block while trimming its Robinhood position.
The Block reported on July 14 that Ark Invest bought 220,012 more Circle shares through its flagship exchange-traded funds ARKK, ARKW and ARKF.
The purchase was worth about $13.9 million based on the previous day's closing price of $63.22. Circle shares rose 0.35% that day, but the stock is down about 24% over the past month. The decline has deepened since the launch of the new stablecoin project OpenUSD earlier in July.
Some brokerages remain bullish on Circle. Mizuho, however, downgraded the stock to Underperform from Neutral, saying OpenUSD could threaten Circle's business. It also cut its price target to $50 from $85.
Ark Invest also added to blockchain-based fintech company Block. Through ARKW and ARKF, it bought 19,029 shares worth about $1.52 million.
By contrast, Ark sold 27,742 Robinhood shares. The sale was worth about $3.15 million based on the previous day's closing price. Robinhood shares ended the day up 3.27% at $113.45.
Ark Invest manages its ETFs under a rule that no single holding can exceed 10% of a portfolio, and it regularly adjusts position weights in response to share-price moves.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.