Ark Invest increased its exposure to Circle Internet (CRCL) on Wednesday, purchasing $30.5 million worth of shares as the stablecoin issuer’s stock dropped 12%.

Cathie Wood’s investment firm accumulated 353,328 CRCL shares across three of its exchange-traded funds — the Innovation ETF (ARKK), the Next Generation Internet ETF (ARKW) and the Fintech Innovation ETF (ARKF).

The firm has a history of buying into sharp dips, and Wednesday’s decline offered another opportunity. CRCL closed at $86.30, its lowest level since June 5, marking its steepest single-day slide since the 16% drop on June 27.

Circle’s pullback followed the company’s third-quarter earnings report, which showed net income surging to $214 million — triple last year’s result. Earnings per share came in at 64 cents, topping analyst expectations. However, investor concerns about a possible U.S. interest-rate cut next month outweighed the strong financials. A lower-rate environment would compress returns on the reserves underpinning USDC, Circle’s dollar-pegged stablecoin.

Despite the pressure, Ark’s latest accumulation signals continued confidence in Circle’s long-term positioning as a core player in the digital asset ecosystem.