Ark Invest buys $14M of Circle shares, trims Robinhood stake

On Tuesday Ark Invest bought roughly $13.9 million of Circle Internet Group shares and added about $1.52 million of Block stock, while selling about $3.15 million of Robinhood shares, according to the firm's latest trading disclosure.

The firm acquired 220,012 Circle shares across its ARKK, ARKW and ARKF exchange-traded funds. Circle closed at $63.22 on Tuesday and is down about 24.17% over the past month after a sharp decline in early July following the launch of the stablecoin Open USD. Mizuho recently downgraded Circle to Underperform from Neutral and cut its price target to $50 from $85, citing Open USD as a competitive threat.

Ark purchased 19,029 shares of Block through ARKW and ARKF. Block closed Tuesday at $79.99, up 1.61% for the day. At the same time Ark sold 27,742 shares of Robinhood, which closed at $113.45, up 3.27%.

The transactions were executed across Ark's actively managed ETFs and were disclosed as routine portfolio adjustments. Ark maintains a policy that no single holding exceed 10% of a fund's assets and rebalances positions when values move.

Ark Invest manages innovation-focused ETFs including ARKK, ARKW and ARKF and regularly reports trades for those funds. The disclosure did not include commentary from the firm or its managers explaining the specific trades.