Cathie Wood’s ARK Invest Unloads $238,200,000 Worth of Circle Shares in Just One Week After Massive Price Surge
ARK Invest Sells Off Circle Shares Amid Stock Surge
The tech-focused investment firm ARK Invest is divesting its significant holding of Circle (CRCL) shares as the stock experiences a major surge in value.
According to data from Cathiesark.com, ARK Invest unloaded $238.2 million worth of CRCL shares between June 16th and June 20th.
On June 20th alone, ARK Invest sold $111.6 million in Circle shares as the price of CRCL spiked by over 20% in a single day.
Circle, the issuer of the second-largest dollar-pegged stablecoin USDC and the euro-pegged Euro Coin (EURC), went public on the New York Stock Exchange on June 5th. The stock price surged from $69 to $103 on its debut day before closing at $83.
Following its IPO, CRCL has seen a steady uptrend, reaching an all-time high of $248 after the US Senate approved the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) with bipartisan support. The bill aims to regulate stablecoin issuers with a market capitalization of $50 billion or more by requiring full asset backing, monthly reserve disclosures, and annual audits.
As of the latest closing price, CRCL is valued at $240.28 per share.
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Image Source: Midjourney
