Rain will fall on every growth investor, and it's usually the signal for Cathie Wood to bring out the bucket. The co-founder, CEO, and ace stock picker for Ark Invest often saves her most active trading for the days when the market is at its wildest. Thursday was ripe for Wood to add to many of her existing positions.
Wood bought shares in Circle Internet Group (CRCL 0.03%), Bitmine Immersion Technologies (BMNR 7.96%), and Tempus AI (TEM +0.96%) on Thursday, as the shares fell between 4% and 10% by the closing bell. Let's take a closer look at these three, which were among Ark's purchases on an off market day.
Image source: Getty Images.
1. Circle Internet Group
One of this year's more intriguing IPOs is Circle, the fintech speedster specializing in stablecoins, best known as the issuer of the popular USD Coin (USDC +0.00%). Circle is also a provider of other blockchain and crypto solutions.
Underwriters priced Circle's offering at $31 in June, but it popped to $69 at the open on its first day of trading. In less than three weeks, the shares would peak just shy of $300. The near 10-bagger wasn't able to sustain the upticks. The shares have fallen to $82.34. It's a rough chart if you initiated your position at the top, but a strong 166% gain for those who got in on the IPO.
NYSE: CRCL
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Toiling in stablecoins would seem to be the steadiest part of the crypto food chain. USD Coin is a regulated digital currency, aspiring to be pegged evenly to the U.S. dollar. However, Circle's stock chart though just five months of trading shows that it's anything but stable.
Circle is a growth stock. Revenue growth through the first three quarters of this year have soared 59%, 53%, and 66%, respectively. It's also profitable. Circle has been in the black since 2023, and it has stayed that way outside of the second quarter of this year, when it had one-time costs related to the IPO.
The stock may not seem cheap, trading for 66 times forward earnings. It has earned a market premium given its growth characteristics and its niche leadership in the potent crypto space. After the signing of the U.S. GENIUS Act into law this summer, a federal regulatory framework for stablecoins legitimizes the digital currency.
NYSEMKT: BMNR
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2. Bitmine Immersion
A couple of companies have found a way to straddle crypto mining and artificial intelligence (AI). Bitmine is a miner of crypto, but the immersion technology that it uses to cool down the power consumption from its mining operations also has the potential to make AI data centers more efficient.
Unlike Circle, Bitmine isn't profitable. Losses are actually widening for the fifth consecutive year. The top line is potentially even scarier, given the stock's lofty valuation. Bitmine commands a market cap north of $10 billion, even though its trailing revenue is a mere $5.5 million. Yes, it's a revenue multiple approaching 1,900. There is naturally a much larger play here if Bitmine succeeds in the AI infrastructure space, but for now it's one of the riskiest bets in Wood's portfolio.
NASDAQ: TEM
Key Data Points
3. Tempus AI
It wasn't just crypto on Wood's shopping list on Thursday. She's been adding to her stake in Tempus AI lately, buying the stock for six consecutive trading days.
Tempus AI provides applications for the healthcare industry, and true to its name it looks for AI-fueled solutions. Oncology and hereditary testing are its core business, but it has also acquired its way to new areas of AI-inspired growth for the healthcare market. Revenue soared 85% in last week's third-quarter report, but that top-line jump isn't all organic growth. It's clearly a company that Wood and her team have grown fond of lately. Tempus AI got off to a slow start when it went public last year, but it has now doubled in 2025.
