Cathie Wood’s Ark Invest has trimmed its position in Circle Internet Group Inc., offloading $51.7 million worth of shares on Monday, just as the stock hit a record high. The move comes after Ark’s significant participation in Circle’s recent IPO, and amid growing investor enthusiasm around the stablecoin ecosystem.
Ark Sells Circle Stock Across Three ETFs
Ark Invest’s latest trading disclosure revealed that the firm sold 342,658 Circle shares across three of its ETFs:
- ARK Innovation ETF (ARKK) sold 196,367 shares
- ARK Next Generation Internet ETF (ARKW) sold 92,310 shares
- ARK Fintech Innovation ETF (ARKF) offloaded 53,981 shares
The total value of the sale reached approximately $51.7 million, executed as Circle’s stock surged during Monday’s session.
Circle Hits Record $151.06 — Nearly 5x IPO Price
Circle’s stock, listed under the ticker CRCL, closed at $151.06, marking a 13.1% gain on the day and nearly five times its IPO price of $31. The stock reached an intraday high of $165.60 before slightly cooling off.
Ark’s sale follows its initial $373.4 million investment in Circle at IPO, when the stablecoin issuer launched its blockbuster $1.1 billion debut on the New York Stock Exchange.
Stablecoin Momentum Builds With GENIUS Act Vote
Circle’s flagship stablecoin, USDC, remains the second-largest U.S. dollar-pegged stablecoin, behind only Tether’s USDT. Market excitement around stablecoins is intensifying, especially as the GENIUS Act, a U.S. regulatory bill for stablecoin oversight, approaches a critical Senate floor vote.
Investors view this legislation as a turning point for the future of programmable digital dollars in mainstream finance.
CEO Hints at a Turning Point for Digital Dollars
Circle CEO Jeremy Allaire emphasized that stablecoins are nearing a transformative moment. He compared it to the pre-iPhone era of mobile technology, stating:
“We are not quite yet at the iPhone moment… but soon.”
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.