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Ark Invest, led by Cathie Wood, has sold off approximately $51 million of its holdings in Circle Internet Group (CRCL), the issuer of the widely used USDC stablecoin. This decision comes amidst a staggering 400% post-IPO surge in Circle’s shares, with Ark dumping 342,658 CRCL shares at yesterday’s closing price of $151.06 according to Yahoo Finance data.
The divestment has affected three of Ark’s exchange-traded funds (ETFs). Specifically, the ARK Innovation ETF (ARKK) offloaded 196,367 shares, while the ARK Next Generation Internet ETF (ARKW) sold 92,310 shares and the ARK Fintech Innovation ETF (ARKF) parted with 53,981 shares.
Circle’s valuation has climbed by nearly $36 billion, driven largely by its dominant role in the stablecoin market. Its USDC stablecoin is currently the second-largest player in the sector, boasting a staggering market capitalization of over $61 billion.
In light of these developments, it remains to be seen whether Ark Invest’s decision to divest from Circle shares will have any material impact on the stablecoin issuer’s trajectory going forward.
Source: cryptoslate.com
