CRCL, BLSH, BABA – Cathie Wood Pumps Millions in Crypto, Trims Alibaba Stake

Cathie Wood’s ARK Invest ETFs (exchange-traded funds) made notable portfolio moves on Wednesday, July 1, according to the firm’s daily fund disclosures. The ace hedge fund manager used the recent market pullback to increase ARK’s exposure to the cryptocurrency sector, including bets on Circle Internet (CRCL) and Bullish (BLSH).

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At the same time, she continued trimming exposure to China’s leading ecommerce portal Alibaba (BABA), selling 79,632 shares for roughly $7.8 million. The move follows the sale of about $20 million worth of shares over the past week, including about $2.5 million on Tuesday.

Wood also continued reducing ARK’s stake in Roku (ROKU) following reports of its acquisition by Fox Corporation (FOXA).

Notably, Wood is known for investing in disruptive technologies like AI, self-driving cars, robotics, and cryptocurrencies, often going against the broader market. Despite recent volatility in technology and crypto stocks, her latest trades suggest ARK remains confident in the long-term growth of AI and digital assets.

Wood Buys the Dip in Circle Internet Stock

Circle Internet is the issuer of USDC stablecoin, the second-largest digital currency following Tether. Wood has continued buying CRCL shares during dips, with the stock down 65% over the past year. Yesterday, the ARK funds bought a total of 287,609 shares of Circle Internet valued at roughly $18 million.

Circle operates in an increasingly competitive market. The newly launched Open USD stablecoin, backed by more than 140 companies including Visa (V) and Mastercard (MA), could challenge Circle’s position in the stablecoin market.

On TipRanks, CRCL stock has a Moderate Buy consensus rating based on nine Buys, seven Holds, and two Sell ratings. The average Circle Internet price target of $130.06 implies 109.9% upside potential from current levels.

Why Is Wood Bullish on BLSH Stock?

Wood has been accumulating BLSH shares despite continued weakness across the cryptocurrency market. Bullish is a crypto exchange and digital asset infrastructure company.

Its stock has dropped 33.4% year-to-date, in line with Bitcoin’s 32% fall. Wood acquired 27,740 Bullish shares across various funds, amounting to $7 million. The purchase follows roughly $3.1 million worth of Bullish shares bought a day earlier.

Recently, Bullish received approval from the Gibraltar Financial Services Commission (GFSC) to offer tokenized securities. The approval supports Bullish’s expansion in regulated digital assets.

On TipRanks, BLSH has a Moderate Buy consensus rating based on five Buys and three Hold ratings. The average Bullish price target of $48.19 implies nearly 91% upside potential from current levels.

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