Cathie Wood, founder of ARK Invest, continues to bet on Circle despite a 42% drop in the stock over the past year, arguing that analysts fail to understand the disruptive potential of the USDC issuer compared to Visa and Mastercard. As of August 21, Circle represented approximately $329 million in the ARK Innovation ETF, or 5.14% of the portfolio, making it the fund’s largest crypto exposure ahead of Coinbase. The company generated $701 million in revenue in the second quarter of 2026, including $668 million from interest on its reserves, with a net profit of $48 million. USDC supply reached $73.3 billion at the end of the second quarter, up 19% year-over-year. This dependence on interest rates for revenue explains the valuation gap between Cathie Wood, who bets on the company’s transformation into a payment infrastructure, and Wall Street, which values the company primarily based on interest generated by its reserves.
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