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Ark Invest has made a significant move in the crypto market, selling almost $100 million worth of Circle shares over the past two days. This news comes as a surprise to many investors and analysts who have been closely following Cathie Wood’s investment firm.
According to reports from CryptoSlate, Ark Invest sold 300,108 CRCL shares across three of its exchange-traded funds (ETFs). The sale totaled approximately $95 million based on Circle’s closing price of $149.15, per Google Finance data.
The recent move is a significant departure from Cathie Wood’s stance on stablecoins and their potential to revolutionize the crypto space. Ark Invest has been vocal about the importance of these assets in its investment strategy.
Despite this, it appears that the fund manager has decided to liquidate a substantial portion of its Circle holdings. The exact reasons behind this decision are unclear, but many speculate that it may be an attempt to reallocate capital towards other undervalued cryptoassets or to minimize exposure to potential market volatility.
The recent price pullback experienced by CRCL shares does not seem to have affected Cathie Wood’s confidence in the underlying asset, as Ark Invest still holds a significant stake.
Source: cryptoslate.com
