Cathie Wood’s Ark Invest Snaps Up More Bullish, Circle Internet Stock as Bitcoin Price Falls

Cathie Wood, chief executive officer and chief investment officer, Ark Invest. (Patrick T. Fallon / AFP / Getty Images)

Key Points

• ARK Invest purchases over 460,000 shares of Bullish and more than 215,000 shares of Circle on Wednesday.
• Circle’s stock has declined 74% from its peak, reaching a record closing low of $69.72.
• Bullish shares closed at an all-time low of $36.56, falling below their initial $37 offering price.

Bullish and Circle Internet Group were two of the hottest initial public offerings of 2025, but the luster—not to mention the share prices—has faded in the months since. Cathie Wood’s ARK Invest is buying the dip.

ARK on Wednesday purchased more than 460,000 shares of Bullish, worth around $16.9 million at the close, and more than 215,000 shares of Circle Internet, roughly $15.1 million, according to the investment manager’s daily trading file. The purchases were spread across ARK’s Innovation, Fintech Innovation, and Next Generation Internet exchange-traded funds.

The two stocks could use some love. Circle surged out of the gates after its IPO on June 5, rising from an offering price of $31 to a closing high of $263.45 on June 23. It has been tougher sledding for the stablecoin issuer since then. Circle hit a record closing low of $69.72 on Wednesday, down 74% from its peak.

Bullish, meanwhile, climbed more than 80% on its trading debut in August, but has fallen sharply ever since. Shares of the crypto exchange closed Wednesday at an all-time low $36.56, below their $37 offering price.

Bullish stock was up 5.8% on Thursday, while Circle declined 1.5%.

ARK, which focuses on high-potential growth stocks, seems to believe these monthslong slides are temporary and make the two companies more attractive bets than they were at their peaks. Wood’s firm bought more than 105,000 shares of Bullish last week and has been steadily adding to its positions in both Bullish and Circle to start this week.

Write to Nate Wolf at nate.wolf@barrons.com