ARK Invest Sells $146.3 Million in Circle Shares Amid 670% Stock Surge

ARK Invest has sold an additional $146.3 million worth of Circle shares across its ETFs, marking the third and largest wave of selling since Circle's IPO. The sales were distributed across several of ARK's ETFs, with the ARK Innovation ETF (ARKK) selling 490,549 shares, the ARK Next Generation Internet ETF (ARKW) selling 75,018 shares, and the ARK Fintech Innovation ETF (ARKF) selling 43,608 shares. This move comes after Circle's stock surged over 670% in just over two weeks following its IPO, driven by regulatory tailwinds and investor enthusiasm.

The IPO, which debuted at $31 per share on June 5, saw Circle's stock price soar to $240 by the closing bell on June 20. This meteoric rise was fueled by positive regulatory developments, such as the Senate’s passage of the GENIUS Act, which aims to establish clearer rules for stablecoins. The IPO was noted as the most explosive for any U.S. company raising $500 million or more since 1980.

While reducing its exposure to Circle, ARK Invest also made strategic additions to its portfolio. The firm added shares of AMD, Shopify, and Taiwan Semiconductor Manufacturing Company across multiple ETFs. This diversification indicates a broader investment strategy that extends beyond the crypto space, focusing on technology and e-commerce sectors.

Circle's USDC stablecoin remains a significant player in the market, currently ranking as the second-largest by market capitalization with $61.26 billion in circulation. Tether’s USDT still dominates the stablecoin market with $155.88 billion in circulation. Despite this, support for USDC has been growing rapidly, with recent developments such as Coinbase Derivatives collaborating with Nodal Clear to integrate USDC as collateral in regulated U.S. futures markets, and Shopify's integration of USDC via Base.