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Ark Invest purchased $18 million worth of Circle shares as the stablecoin issuer's stock extended a sharp month-long slide, falling 41% over the period.
The buying came as Circle absorbed two consecutive sessions of losses, including an 18% single-day drop on Tuesday and a further 1% decline the following day.
What Triggered Circle's Selloff Tuesday's 18% decline followed the launch of OUSD, a rival stablecoin project.
Circle is the issuer of USDC, one of the largest stablecoins by circulation, making any credible new entrant into the dollar-pegged token market a direct competitive threat.
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