ARK Invest is actively selling shares of Circle despite recent price growth, raising questions about the firm's long-term strategy.
ARK Invest's Share Sales
ARK Invest sold 609,175 shares of Circle across three different ETFs, raising $146.2 million. This sale coincided with a 20.4% rise in Circle's stock, which closed at $240.30, marking a 248% increase from its initial trading price.
ARK's Selling Strategy
Over the past week, ARK has sold 1.25 million shares of Circle for approximately $243 million, continuing a profit-taking strategy. The majority of these sales originated from the ARK Innovation ETF, followed by ARK Next Generation Internet and ARK Fintech Innovation.
Circle Becomes a Key Asset in ARKW
Circle has swiftly become a core holding in ARK's portfolios, especially in the ARKW fund, where it is now the top asset, making up 7.8%. Despite these sales, ARK remains one of Circle's largest shareholders.
ARK Invest's selling of Circle shares amid rising prices highlights a profit-taking strategy, while Circle continues to garner interest from major investors.
