Ark Invest Sells $110M Circle Shares Amid Surge
Cathie Wood's Ark Invest sold $109.6 million worth of Circle shares within its three ETFs as Circle's stock continued its upward trend post-IPO. On a single day, Ark Invest divested 415,844 shares with the ARK Innovation ETF shedding the largest portion. Despite the sale, Circle's stock, listed under the ticker CRCL, closed up 9.6% at $263.45. The boost followed the U.S. Senate passing the GENIUS Act, supporting stablecoin regulations. Initially priced at $31 per share, Circle's value has soared almost 600%. Meanwhile, Ark Invest continues to make strategic purchases in other firms, such as Robinhood and Coinbase. The Nasdaq and Dow Jones also finished higher, supporting broader market growth.
FAQ
❓ Why did Ark Invest sell Circle shares?
Ark Invest sold Circle shares as part of a profit-taking strategy amid a significant price surge following the stock's IPO.
❓ What factors contributed to Circle's stock price increase?
Circle's stock price increased following the U.S. Senate's passage of the GENIUS Act, a major stablecoin regulation bill.
❓ What are Ark Invest’s recent trading activities?
Ark Invest recently sold Circle shares but continued to invest in Robinhood and Coinbase stocks.