ARK Invest made a significant sale of its Circle shares shortly after the company's debut on the New York Stock Exchange.
Sale of Circle Shares
ARK Invest, the cryptocurrency-focused asset management firm led by Cathie Wood, sold 342,658 Circle (CRCL) shares worth $51.7 million. This sale marks ARK’s first divestment of CRCL shares since the company's public trading started on June 5.
Circle in ARK Invest's Portfolio
Following the sale, Circle remains one of ARK's top holdings across its three funds, including the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). ARKK holds the largest position in Circle shares worth $387.7 million.
ARK's Interest in Circle
ARK Invest was among the early investors showing interest in purchasing Circle shares before its IPO. According to the firm's research, the successful IPO of Circle highlights a shift in public perception of stablecoins within the crypto industry.
The sale of Circle shares by ARK Invest just 11 days after their IPO reflects the fund's profit-seeking strategy and emphasizes the growing significance of stablecoins in today's financial landscape.
