ARK Invest Sells Circle Stock Worth $51.7M After Public Listing
ARK Invest– Crypto-friendly investment firm ARK Invest, led by well-known Bitcoin advocate Cathie Wood, has taken its first round of profits from stablecoin issuer Circle just 11 days after its public listing on the New York Stock Exchange (NYSE). According to a trade notice cited by Cointelegraph, ARK sold 342,658 CRCL shares worth $51.7 million across its three ETFs on June 16.
This marks ARK’s first divestment from Circle since purchasing approximately 4.49 million shares on the IPO day, June 5, for about $373.4 million at closing price.
Circle Remains Among ARK’s Top Holdings
Despite this recent sale, Circle remains a core holding in all three of ARK’s ETFs:
- ARK Innovation ETF (ARKK): Holds $387.7M in CRCL, ~6.6% of assets
- ARK Next Generation Internet ETF (ARKW): Holds $124M, ~6.7% of assets
- ARK Fintech Innovation ETF (ARKF): Holds $72M, ~6.7% of assets
For comparison, Coinbase remains the top holding in ARKW with a 6.8% allocation.
CRCL Stock Up 118% Since IPO
Circle’s stock has shown impressive performance since its debut. Launching at $69 per share, CRCL surged to $164 by June 16, and recently closed at $151 — marking a 118% gain in less than two weeks, according to TradingView.
ARK analysts connected Circle’s stablecoin efforts to broader trends in digital property rights, stating:
Stablecoins are continuing the property rights revolution that Bitcoin launched.
ARK CEO Cathie Wood remains bullish on Bitcoin, having projected a price of $1.5 million by 2030 amid rising institutional interest.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
