ARK Invest Sells Additional $146.3 Million in Circle Shares
ARK Invest has sold additional shares of Circle (CRCL) following the company's IPO.
- ARK Innovation ETF (ARKK) sold 490,549 shares, about 1.8% of its portfolio.
- ARK Next Generation Internet ETF (ARKW) reduced holdings by 75,018 shares.
- ARK Fintech Innovation ETF (ARKF) decreased shares by 43,608.
- Total sales amounted to approximately $146.3 million based on a closing price of $240.28 per share.
- This represents the third and largest sell-off since the IPO.
- Previous sales totaled $50 million and $44.7 million worth of shares.
The IPO saw a surge from $31 on June 5 to $240, gaining over 670% in two weeks. It recorded the highest raise for any U.S. company above $500 million since 1980.
Regulatory support, such as the Senate’s passage of the GENIUS Act, contributed to investor interest.
While reducing its stake in Circle, ARK invested in companies outside crypto, including AMD, Shopify, and Taiwan Semiconductor Manufacturing Company.
Circle's USDC stablecoin currently ranks second in market capitalization at $61.26 billion, while Tether's USDT leads with $155.88 billion.
Support for USDC is increasing, as Coinbase Derivatives plans to use it as collateral in U.S. futures markets, and Shopify is enabling USDC payments through Base.