Ark Invest Sells Circle Shares Worth $51.7 Million After CRCL Rises 5x from IPO Price
Cathie Wood through Ark Invest sold a total of 342,658 shares of Circle Internet Group Inc. (CRCL) worth approximately $51.7 million from three of its ETFs (ARKK, ARKW, ARKF) after Circle's stock price surged to an intraday high of $165.6 and closed up 13.1% at $151.06 — nearly five times its IPO price of $31. This sale occurred just a few weeks after Ark purchased Circle shares worth $373.4 million at the $1.1 billion IPO on the New York Stock Exchange.
The rise in Circle's stock price reflects market enthusiasm for the stablecoin sector, especially USDC issued by Circle—the second-largest stablecoin after USDT. This positive sentiment is also driven by the development of the GENIUS Act, an important legislation that will regulate stablecoins and is scheduled for a final vote in the Senate this week. Circle's CEO, Jeremy Allaire, stated that stablecoins have yet to reach their "iPhone moment," but he is optimistic that it will happen soon as massive adoption of the “programmable digital dollar” begins to take place.
