Investment firm Ark Invest, led by Cathie Wood, continues to realize profits by selling shares of stablecoin issuer Circle following a successful IPO.
Sale of Circle Shares
On June 17, Ark Invest sold an additional $44.8 million worth of CRCL shares, just a day after its first-ever sale of approximately $51.7 million. Both sales affected three of Ark's ETFs: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF), with 208,654, 65,320, and 24,134 shares sold from each fund, respectively.
CRCL Stock Dynamics
Since debuting at $31 on June 5, CRCL shares have skyrocketed nearly 400%, briefly hitting $165 earlier this week. At press time, the stock trades at $149.15, down approximately 1.26% over the past 24 hours. However, pre-market data indicates a slight rebound to $154.23, up 3.41%.
Ark Invest's Remaining Position
Following the sales, Ark Invest has trimmed its holding of CRCL shares to about 3.9 million, valued at approximately $575 million at current prices. Overall, the firm has sold around 642,000 shares across its funds while still maintaining a significant position.
Ark Invest's selling activity highlights a strategy of locking in profits amid Circle's stock surge post-IPO, despite its remaining substantial stake in the company.
