Ark Invest, led by Cathie Wood, has made significant share sales of Circle in recent days, with total sales nearing $96 million across two days.
Ark Invest’s Share Sales
Ark Invest sold $44.76 million worth of Circle shares just a day after its $51.7 million sell-off. According to Ark's daily trading report, three of its ETFs trimmed their holdings in Circle. The ARK Innovation ETF (ARKK) sold 208,654 shares, while the ARK Next Generation Internet ETF (ARKW) offloaded 65,320 shares. Meanwhile, the ARK Fintech Innovation ETF (ARKF) dropped 26,134 shares.
Circle Stock Market Performance
Despite the sell-off, Circle shares remain stable, closing down 1.26% at $149.15 but rebounding with a 2.84% gain in after-hours trading. The stock has more than quadrupled since its IPO earlier this month.
Future of Circle and the GENIUS Act
The recent sales could be part of a profit-booking strategy given the positive stock performance. Meanwhile, traders are monitoring Circle's response to the passing of the GENIUS Act, a stablecoin bill that has recently passed the U.S. Senate and is headed to the House of Representatives for debate and vote. Increased regulatory clarity may heighten investor interest in Circle stocks.
Despite Ark Invest's stock sell-off, Circle shares continue to show strong performance, possibly linked to upcoming regulatory changes regarding stablecoins.
