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Cathie Wood’s ARK Unloads Almost $100M Circle Shares, Still Bullish on Stablecoin Giant
ARK Invest, led by Cathie Wood, has recently offloaded almost $100 million worth of Circle Internet Group Inc. (CRCL) shares, despite the massive sell-off, the company still holds a significant position in its main ETFs.
The recent sale involved three ARK exchange-traded funds (ETFs), with the ARK Innovation ETF (ARKK) selling 208,654 shares of Circle, followed by the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF) offloading 65,320 and 26,134 shares respectively.
Despite the sale, Circle remains a top holding across all three ARK funds. The ARKK fund still holds the largest stake in CRCL, with a value of $371 million and accounting for approximately 6.13% of its portfolio.
Furthermore, the ARKW ETF still maintains a significant position in CRCL, holding shares worth $115 million, which is only slightly behind its current holding in Roblox (RBLX) at 6.33%. Meanwhile, the smallest fund by assets under management, ARKF, retains a stake of $68.6 million, accounting for approximately 6.16% of its portfolio.
ARK’s involvement with Circle began long before the company went public, as it had expressed plans to purchase up to $150 million worth of shares before the IPO. The investment firm later increased its position after Circle raised the size of its initial public offering (IPO) to meet high demand. CRCL debuted on the New York Stock Exchange on June 5 and opened at $31 per share, surged to over $163 by June 17 before pulling back slightly to $153.
Despite the recent correction, it remains a staggering 390% above its IPO base price of $31, demonstrating the significant potential in the stablecoin giant.
Source: cryptopotato.com
