When $50M Vanishes: The Curious Case of Circle Shares and ARK Invest

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What to know:

  • In a rather theatrical turn of events, Cathie Wood’s ARK Invest decided to part ways with $51.8 million worth of Circle shares, just as the stock was enjoying a delightful rally. 🎉
  • They offloaded a staggering 342,658 shares across three of their ETFs, all while Circle’s stock was busy gaining a charming 13%. Talk about timing! ⏰
  • Just a few weeks ago, they had splurged $373 million on Circle shares when the company made its grand entrance on the NYSE. Ah, the irony! 💸

On a fine Monday, Cathie Wood’s ARK Invest, in a fit of financial decluttering, trimmed its holdings in the rather hefty Circle (CRCL) position, selling off $51.8 million worth of shares. It seems the stablecoin issuer’s stock was having a party, and ARK decided to crash it. 🎊

According to a daily email that surely contained more drama than a soap opera, ARK sold a total of 342,658 shares across three of its actively managed exchange-traded funds (ETFs). The ARK Innovation ETF (ARKK) let go of 196,367 shares, ARKW waved goodbye to 92,310, and ARKF, in a fit of nostalgia, trimmed 53,981. 📉

Circle, the proud issuer of the USDC stablecoin, saw its stock rise by 13% on that fateful day, closing at a respectable $151.06 in New York. It has been on a winning streak, gaining every day but two since its debut on June 5. The shares have skyrocketed almost fivefold from their IPO price of $31. Who knew stablecoins could be so… lively? 🎈

In a twist of fate, ARK had previously invested a whopping $373 million in Circle on its first day of trading on the NYSE. It’s almost as if they were betting on a horse that turned out to be a unicorn! 🦄

Not one to keep all their eggs in one basket, Wood’s fund has also recently trimmed positions in other crypto-linked firms like Coinbase (COIN) and Robinhood (HOOD). Because why not spread the love (and the risk)? 💔

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2025-06-17 11:49