Cathie Wood’s Ark Invest has sold another $44.76 million worth of Circle (CRCL) shares, just a day after offloading $51.7 million. Despite this massive two-day sell-off, Circle’s stock remains strong, trading well above its IPO price of $31.
According to Ark’s daily trading report, three of its ETFs trimmed their Circle holdings on Tuesday. The ARK Innovation ETF (ARKK) sold 208,654 shares, while the ARK Next Generation Internet ETF (ARKW) offloaded 65,320 shares. Meanwhile, the ARK Fintech Innovation ETF (ARKF) dropped 26,134 shares.
CRCL closed 1.26% lower at $149.15 on Tuesday but bounced back with a 2.84% gain in after-hours trading, according to Yahoo Finance. Even after Ark’s back-to-back divestments, the stock has more than quadrupled since its IPO earlier this month.
Notably, Ark had bought $373.4 million worth of Circle shares when the stablecoin firm made its debut on the New York Stock Exchange. The recent sales could be part of a profit-booking strategy, especially given the strong stock performance.
In the meantime, traders are monitoring the response of Circle to the events in the GENIUS Act. The U.S. Senate has recently passed this significant stablecoin bill, which is now going to the House of Representatives to debate and vote on. With the regulatory clarity, the interest of investors in the stocks of stablecoins such as Circle will be high.
At this point, the action of Ark has raised eyebrows, but the momentum of Circle has not been lost yet.
Also Read: Circle (CRCL) Stock Hits New High, Surging 434% From Its IPO Price
