ARK Invest has sold another $146.3 million worth of Circle (CRCL) stock just two weeks after its recently launched IPO. The largest reduction came from the ARKK ETF, which sold 490,549 shares, or about 1.8% of the portfolio. Additional shares were offloaded from ARKW and ARKF, bringing the total number of shares sold to over 609,000.
This move comes as Circle’s jaw-dropping 675% surge in share price, from its IPO listing at $31 to $240.28 per share. This IPO has been described as the most explosive public debut of any U.S. company raising $500 million or more since 1980.
Despite the sell-off, ARK Invest, led by CEO Cathie Wood, still holds 2.52 million shares of Circle (7.80% of the portfolio), valued at $154 million. This makes Circle among the top holdings in ARK’s flagship ARK Innovation ETF (ARKK). After Circle, with a close call Coinbase (COIN) comes in as the second-largest holding valued at $152 million (7.71% of the portfolio).
At the same time, ARK Invest is diversifying its portfolio by rotating into traditional tech leaders, adding shares of AMD, Shopify, and Taiwan Semiconductor Manufacturing Company across its ETFs.
Circle’s relevance in the crypto space remains strong. Its stablecoin, USDC, is the second-largest globally, with $61.26 billion in circulation, trailing only Tether’s USDT. Meanwhile, Shopify has enabled USDC payments through Base, a Layer 2 Ethereum network, making it easier for merchants to accept crypto payments.
Also Read: Ark Invest sells $44.8M in Circle shares a day after $51.7M sale
