ARK Invest, an investment firm founded by Cathie Wood, continues to sell shares of USDC stablecoin issuer Circle, realizing nearly $100 million in two days.
Sale of Circle Shares by ARK Invest
ARK sold 300,108 Circle shares for $44.7 million on Tuesday, according to a trade notification seen by Cointelegraph. This sale coincided with Circle stocks dropping 1.3%, closing at $149 after peaking above $165 on Monday.
Sales Overview
In the past two days, ARK has sold a total of 642,766 Circle shares for approximately $96.5 million. The sale included transactions from three ARK funds: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). The largest fund, ARKK, sold 208,654 shares, while ARKW and ARKF offloaded 65,320 and 26,134 shares respectively.
Reactions from Other Investors
So far, none of the major public investors in Circle, apart from ARK, have reported selling CRCL shares. BlackRock has not disclosed any sales despite its plans to acquire a 10% stake in Circle during the IPO. Additionally, Circle co-founder Jeremy Allaire, who was set to sell about 8% of his stake in the IPO, has also made his intentions clear.
The sale of Circle shares by ARK Invest highlights the volatility in the cryptocurrency market, especially in light of recent stock price declines, expected stablecoin legislation, and the upcoming IPO of Circle.
