Cathie Wood backs Circle after 42% stock drop

• Circle shares fell about 42% over the past year, according to Artemis data.
• Cathie Wood said the decline overlooks Circle’s longer-term growth potential.
• Circle shares remain 84% above their initial public offering price.

Circle Internet Group shares have fallen about 42% over the past year, according to Artemis data.

Cathie Wood argued that the decline does not reflect Circle’s longer-term potential as technology changes financial services.

Wood said Circle shares have still risen 84% since their initial public offering, despite the recent decline.

Circle issues USD Coin (CRYPTO:USDC), the second-largest stablecoin by market capitalisation.

The company’s business is closely linked to stablecoin adoption and rules governing digital assets.

Circle’s shares have performed worse than major payment networks over the same period.

Visa shares gained 7%, while Mastercard shares fell about 1% over the past year.