Cathie Wood’s ARK Invest is doubling down on its investment in USDC issuer Circle, even as the company’s shares remain under pressure.

ARK bought another 220,000 shares of Circle Internet Group (CRCL) in three actively managed exchange-traded funds on Tuesday, according to the company’s daily trading disclosure reviewed by Cointelegraph.

Based on Circle’s Tuesday closing price of $63.22 on the exchange New York Stock Exchangethe value of ARK’s most recent purchase was approximately $13.9 million.

Circle shares are down about 22% year-to-date and about 76% below their post-initial public offering (IPO) peak.

ARK reveals that it purchased 725,000 shares of Circle in July

ARK’s latest purchase brought Circle’s July acquisition disclosure to 725,517 shares, following prior purchases of 287,609 shares on July 1 and 217,896 shares on July 9.

The latest trading disclosures show that ARK has consistently strengthened its Circle position in its flagship funds despite a prolonged decline in share values, underscoring the investment manager’s confidence in the USDC issuer.

Source: ARK Invest

As of Wednesday, Circle owned 4.37% of the ARK Fintech Innovation ETF (ARKF), making it the fund’s seventh-largest holding. The ARKF Circle position was valued at approximately $33 million, According to to the latest farm data.

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Circle also represented 3.35% of the company’s flagship ARK Innovation ETF (ARKK). ranking as the fund’s ninth-largest holding, worth approximately $218 million.

Analysts see growing risk for Circle

ARK’s latest purchase comes after analysts reassessed Circle’s prospects amid a pointed decline in the company’s share price.

10x Research digital asset research platform he said no longer considers Circle a buy after shares fell below $80. In a report released Tuesday, the company said it previously viewed CRCL as attractive below that level, but now says Circle’s fundamentals have “deteriorated significantly.”

Source: 10x Research

The research report also cited slower USDC activity, including a decline in energetic addresses, as a concern for Circle.

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USDC market capitalization is down approximately 3% year-to-date to $73 billion at press time, According to to CoinGecko. Despite the recent decline, the stablecoin’s market capitalization remains approximately 17% higher than a year ago.

Still, 10x Research said there’s still a bullish case for Circle, adding that the stock’s recent decline could either represent a long-term buying opportunity or mark the beginning of a more prolonged downturn.

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