ARK Invest continues its market operations by selling Circle shares worth $146.3 million. This comes shortly after the company's recent IPO.
Sale of Circle Shares
ARK Invest sold 490,549 shares of Circle, accounting for about 1.8% of the ARKK ETF portfolio. In total, over 609,000 shares were sold, including reductions from ARKW and ARKF.
Impressive Stock Price Growth
Circle's stock saw an astounding 675% surge, rising from its IPO price of $31 to $240.28 per share. This IPO marked the most explosive public debut of any U.S. company raising over $500 million since 1980.
Diversification of ARK Invest's Portfolio
Despite the sell-off, ARK Invest, led by CEO Cathie Wood, still holds 2.52 million shares of Circle valued at $504.4 million. This makes Circle among the top holdings in ARK's ARK Innovation ETF. At the same time, ARK Invest has also added shares of traditional tech leaders like AMD, Shopify, and Taiwan Semiconductor Manufacturing Company.
ARK Invest's actions remain noteworthy, especially with Circle's growing relevance in the crypto space, thanks to its USDC stablecoin, which is the second largest globally.
