Ark Invest adds $14 million in Circle shares while selling Robinhood

Cathie Wood's investment firm Ark Invest loaded up on more shares of Circle Internet Group and Block Inc. on Tuesday, while trimming its Robinhood holdings.

The firm's latest trading disclosure shows that Ark bought a total of 220,012 shares of Circle across three of its exchange-traded funds — ARKK, ARKW, and ARKF. At Tuesday's closing price of $63.22, Ark Invest added roughly $13.9 million worth of the stock.

Circle (CRCL) rose 0.35% on Tuesday but remains down 24.17% over the past month, after a sharp fall in early July following the launch of the new stablecoin project Open USD.

While some analysts maintained their optimistic outlook for Circle, Mizuho recently downgraded the stablecoin issuer to Underperform from Neutral and cut its price target to $50 from $85, citing Open USD's threat to Circle's future business.

Through ARKW and ARKF, the investment firm also added 19,029 shares of Block Inc., a blockchain-focused fintech co-founded by Jack Dorsey, worth $1.52 million. Block also rose on Tuesday, closing up 1.61% at $79.99.

Meanwhile, Ark sold 27,742 shares of Robinhood Markets Inc., worth around $3.15 million, as the stock climbed 3.27% on Tuesday to $113.45.

The investment firm actively adjusts its ETF holdings so that no single stock exceeds 10% of a fund's portfolio. This means Ark would rebalance weightings when the value of certain assets fluctuates significantly.