Circle’s market capitalization has significantly increased, nearing the valuations of giants like Coinbase and Robinhood amidst market changes.
Circle's Market Capitalization Soars
Circle's market cap exceeded $63.8 billion yesterday, a nearly 750% increase since the launch of CRCL shares less than three weeks ago. Coinbase has a market cap of $78 billion, while Robinhood stands at $68 billion. CRCL shares hit an intraday record high near $299 before settling at $263.45, marking an 865% increase since launch.
Ark Invest Reduces Stake in Circle
As Circle approaches the market capitalizations of Robinhood and Coinbase, Cathie Wood's Ark Invest is taking profits, selling $109.6 million worth of Circle shares recently. The firm simultaneously increased stakes in Coinbase and Robinhood, purchasing $1.3 million and $24.4 million in respective stocks.
Circle Becomes Largest Component of VanEck Index
Moreover, Circle's shares now have the largest weighting in the MVIS Global Digital Asset Equity Index created by a VanEck subsidiary. Currently, CRCL accounts for 13% of this index, which tracks the largest and most liquid companies in the crypto space. According to Matthew Sigel, head of digital assets at VanEck, their holdings in CRCL now exceed those of Circle CEO Jeremy Allaire.
In conclusion, Circle shows remarkable growth and is reshaping the competitive landscape among major players in the crypto market, attracting the attention of investment funds and strengthening its position in digital asset indexes.
