[Digital Today reporter Yoonseo Lee] Ark Invest, led by Cathie Wood, bought an additional 220,000 shares of Circle stock.

Cointelegraph, a blockchain media outlet, reported on July 15 that Ark Invest bought Circle Internet Group shares on July 14 through 3 actively managed exchange-traded funds (ETFs) it runs.

The purchase was worth about $13.9 million based on the New York Stock Exchange (NYSE) closing price of $63.22. Ark Invest’s July purchases of Circle increased to a total of 725,517 shares. The additional accumulation follows purchases of 287,609 shares on July 1 and 217,896 shares on July 9.

Circle shares are down about 22 percent so far this year. Compared with the peak recorded after its initial public offering (IPO), the decline reaches about 76 percent. Ark Invest has steadily increased its Circle weighting even as the downturn continues.

Based on the latest holdings, Circle accounted for 4.37 percent of the ARK Fintech Innovation ETF (ARKF). The holding is worth about $33 million in the fund, making it the seventh-largest position. In the ARK Innovation ETF (ARKK), it ranked as the ninth-largest holding with a 3.35 percent weighting and was valued at about $218 million.

The buying came as the market re-evaluates Circle’s performance and business outlook. Digital asset research platform 10x Research said it no longer maintains a buy view even after Circle shares fell below $80. It said it previously viewed the level below that price as attractive, but now assesses that Circle’s fundamentals have clearly deteriorated.

10x Research in particular cited slowing USDC activity as a risk factor. It judged that weaker on-chain indicators, including a decline in the number of active addresses, could weigh on Circle’s growth prospects.

USDC’s market capitalisation stands at $73 billion, down about 3 percent from the start of the year. It is too early to say the shift in share within the stablecoin market has fully reversed, but the recent decline continues to be a burden.

Market assessments are mixed. 10x Research said the recent share price decline could be a long-term buying opportunity, but it could also be the start of a longer correction. That implies the investment decision around Circle depends not on a simple price rebound but on USDC usage indicators and whether its business foundation recovers.

As a result, the focus going forward has narrowed to whether Ark Invest continues additional buying and whether USDC activity shows a recovery. Even if Circle shares rebound, the market is likely to focus more on whether stablecoin circulation and user activity actually improve than on short-term price moves.