ARK Invest has trimmed its exposure to Circle (CRCL), unloading $146.3 million worth of shares across its ETFs just two weeks after the stablecoin issuer’s explosive IPO.
The largest sale came from the flagship ARK Innovation ETF (ARKK), which dumped 490,549 shares — around 1.8% of its portfolio. ARKW and ARKF also sold 75,018 and 43,608 shares, respectively. The move marks ARK’s third and biggest round of Circle share sales, following earlier offloads worth $50M and $44.7M.
Circle’s stock has skyrocketed since debuting at $31 on June 5, closing at $240 last Friday — a staggering 670% gain. The IPO was the most dramatic U.S. listing of a $500M+ company since 1980, per Fortune, with investor appetite boosted by the Senate’s passage of the GENIUS Act to regulate stablecoins.
While cutting back on crypto, ARK is rotating toward tech giants, adding positions in AMD, Shopify, and TSMC across its ETFs.
Circle, the issuer of the USDC stablecoin, remains the second-largest in the world with $61.26B in circulation. Support for USDC continues to grow, with Coinbase Derivatives and Shopify expanding its use in U.S. markets and payments.