Cathie Wood buys $30M of sinking crypto stock

Legendary capitalist Cathie Wood has earned a estimation for identifying emerging tech trends, including crypto and AI. Whether it's Coinbase (Nasdaq: COIN), Robinhood (Nasdaq: HOOD), oregon Bitmine Immersion (NYSE: BMNR), astir each starring crypto banal finds a location successful her portfolio.

Wood besides has a singular quality to close her aboriginal assessments arsenic per the changing marketplace conditions. For instance, she precocious retreated from her Bitcoin (BTC) terms prediction of $1.5 cardinal and lowered it to $1.2 cardinal arsenic she felt that stablecoins are playing a relation that she erstwhile thought BTC would play.

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As the concern demands, her concern fund, ARK Invest, loads up oregon dumps crypto stocks. Her latest acquisition of a sinking crypto banal demonstrates her unsocial quality to consciousness the crook successful the markets.

On Nov. 12, ARK Invest bought Circle Internet Group (NYSE: CRCL) shares worthy much than $30 million.

Three exchange-traded funds (ETFs) absorbed the acquisition:

• ARK Innovation ETF (ARKK): 245,830 shares

• ARK Next Generation Internet ETF (ARKW): 70,613 shares

• ARK Fintech Innovation ETF (ARKF): 36,885 shares

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The acquisition came amidst the CRCL shares sinking aft Circle reported its third-quarter net yesterday.

Notably, Circle is simply a salient stablecoin issuer and its USD Coin (USDC) offering is the second-largest stablecoin aft Tether's USDT. Wood's latest acquisition proves that her condemnation is backed by her concern choices.

As acold arsenic Circle's Q3 net are concerned, the institution reported the full gross and reserve income of $740 million, up 66% YoY. Its nett income accrued 202% YoY to $214 million, and its earnings per stock (EPS) of $0.64 against the estimated $0.22.

Nonetheless, traders felt disappointed arsenic the company's banal plunged much than 12% to adjacent astatine $86.30 yesterday. It was exchanging hands astatine $85.90 successful pre-market hours.