Ark Invest purchased approximately $16.34 million worth of Circle stock yesterday, after which Circle's stock price plummeted 20% that day.

PANews reported on March 25th that, according to The Block, Ark Invest, led by Cathie Wood, purchased 161,513 shares of Circle stock through its ETF on March 24th, worth approximately $16.34 million based on the closing price of $101.17 that day. This move occurred amidst a 20% drop in Circle's stock price that day. Ark simultaneously sold 41,064 shares of Bullish stock, worth approximately $1.53 million.

Circle's stock price fell due to several negative factors: a draft version of the US Clarity Act leaked, potentially prohibiting the earning of returns solely from holding stablecoins, which Mizuho analysts believe will impact Circle's USDC business; on-chain investigator ZachXBT disclosed that Circle froze the USDC balances of 16 hot wallets associated with various enterprises, raising concerns about centralization risks; furthermore, competitor Tether announced its first full financial audit and the hiring of the Big Four accounting firms, potentially weakening Circle's advantage as a transparent and compliant alternative. Circle's stock price rebounded 1.5% in after-hours trading.