ARK Invest founder Cathie Wood said Circle has become the largest crypto-related position in her flagship fund after she kept buying the stock during a 42% decline over the past year. In a post on X dated Aug. 23, Wood argued that many analysts who built their careers around Visa and Mastercard do not understand Circle as a disruptor. She pointed to Mastercard’s roughly 150-fold gain since listing and Visa’s roughly 33-fold rise as historical examples while saying technology, rather than analysts’ skill sets, is reshaping the payments order and that Circle should be a key beneficiary. The report also noted that Wood’s claim that Circle had risen 84% since its IPO was incorrect, with the actual gain put at about 184%. Analyst views on the stock remain split. Of 21 analysts covering Circle, 11 rate it a strong buy, but price targets range widely from a bullish $173 to a bearish $37. ARK’s flagship fund now holds about 3.93 million Circle shares worth $329 million, or 5.14% of the portfolio, exceeding its Coinbase position.
ARK Invest founder Cathie Wood kept buying Circle shares during a 42% decline in the stock over the past year, and said the company has now become the largest crypto investment in her flagship fund.
In an Aug. 23 post on X, Wood said many analysts who built their careers on Visa and Mastercard do not understand Circle as a disruptor. She cited historical market performance, saying Mastercard has risen about 150x since its listing, while Visa has gained about 33x.
Wood says technology is reshaping payments
Wood said technology, not analysts’ existing skill sets, is now reshaping the payments order, and that Circle should be one of the main beneficiaries.
The report added that her statement claiming Circle was up 84% since its IPO was inaccurate. The actual gain was estimated at about 184%.
Analyst targets show a wide gap
Data cited in the report showed that 11 of the 21 analysts covering Circle have assigned the stock a strong buy rating. Even so, their price targets vary sharply, with the highest at $173 and the lowest at $37.
ARK holding tops Coinbase position
ARK’s flagship fund currently holds about 3.93 million shares of Circle worth $329 million, accounting for 5.14% of the portfolio. According to the report, that position is now larger than its holding in Coinbase.
The item was reported by BeInCrypto and distributed in summary form by Techub.
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