ARK Invest Sells Shares of Circle for $51.7 Million
On Monday, ARK Invest, the asset management company led by Cathie Wood, reduced its holdings in the stablecoin issuer Circle through three of its funds, cashing out approximately $51.7 million. On the same day, Circle’s stock reached an all-time high, rising by 13.1%.
According to the company’s latest trading documents, ARK Invest sold a total of 342,658 shares of Circle stock, with the “ARK Innovation ETF” (ARKK) selling 196,367 shares; the “ARK Next Generation Internet ETF” (ARKW) selling 92,310 shares; and the “ARK Fintech Innovation ETF” (ARKF) selling 53,981 shares.
Data from Yahoo Finance shows that Circle’s stock (ticker symbol CRCL) soared to a high of $165.60 during trading on Monday, before pulling back and ultimately closing up 13.1% at $151.06, nearly five times its $31 IPO price.
Earlier this month, ARK Invest purchased $373.4 million worth of Circle stock when the company went public on the New York Stock Exchange. The stablecoin issuer raised as much as $1.1 billion in its IPO.
The USDC issued by Circle is currently the second largest dollar-backed stablecoin, following Tether’s USDT. Investor sentiment towards stablecoins remains strong, partly driven by the U.S. “GENIUS Act.” This key stablecoin regulation bill is set for a final vote in the Senate this Tuesday.
