ARK Invest Continues Circle Stock Sales Amid Significant Stock Surge

ARK Invest, the asset management firm led by Cathie Wood, has continued its sales of Circle shares (CRCL) despite the cryptocurrency-linked stock’s substantial post-debut increase.

Record Sale Volume

According to a June 20 trade notification, ARK disposed of approximately 609,175 Circle shares worth $146.2 million across its ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).

The sale occurred as CRCL stock jumped 20.4% on the same day, closing at $240.30, a 248% gain since its June 5 market debut.

This marked the third sale in the preceding trading week, with cumulative sales reaching $243 million and totaling 1.25 million shares. ARK sold shares worth approximately $45 million on Tuesday and $52 million the previous Monday.

Consistent Daily Sales Pattern

Analysis suggests ARK may be selling approximately 300,000 Circle shares daily. The breakdown of the June 20 sale was: ARKK sold 490,549 shares, ARKW sold 75,018 shares, and ARKF sold 43,608 shares.

The most recent transaction represented the third sale by ARK in the past trading week.

Impact on Holdings and Market Position

These sales over the past week constitute nearly 29% of the total 4.49 million shares ARK acquired during Circle’s initial public offering (IPO).

Despite these significant sales, ARK remains the eighth largest holder of Circle shares as of market close on June 20, holding approximately $750.4 million worth of CRCL stock. This positions CRCL as the top holding within the ARKW fund (7.8% weight).

Other major holders include IDG-Accel China Capital Fund II (23.3 million shares), General Catalyst Group Management (20.1 million shares) and James Breyer (16.7 million shares).

Circle CEO Kaiterra Bernard-Donlon previously stated that stablecoins are poised for a significant growth phase, akin to the “iPhone moment” for mobile technology.

Bloomberg Terminal Data Confirms ARK’s Position

Data from Bloomberg Terminal confirms ARK’s eighth-largest position among Circle shareholders.

Related: Circle CEO Highlights Potential Major Growth Stage for Stablecoins

Ongoing Disposition of Digital Assets

ARK’s continued disposal of Circle stock persists even as its value has surged dramatically. The strategy underscores the firm’s approach to managing its substantial digital asset exposure.

About ARK Invest
ARK Invest is an investment management firm founded by Cathie Wood. It is known for its thematic investing approach, focusing on technological innovation and disruptive trends across various sectors, including financial technology (fintech) and the broader digital economy.