Cathie Wood’s ARK Dumps First Circle Shares for $52M
ARK Invest sold 342,658 shares of Circle (CRCL) for $51.7 million, marking its first profit from the stablecoin issuer just 11 days post-IPO. ARK initially acquired approximately 4.49 million shares valued at $373.4 million during Circle's debut on the NYSE on June 5. Despite the sale, Circle remains a top holding across ARK's funds: ARK Innovation ETF (ARKK) holds $387.7 million in CRCL, ARK Next Generation Internet ETF (ARKW) holds $124 million, and ARK Fintech Innovation ETF (ARKF) holds $72 million. Circle shares have surged 118% since launch, closing at $151 after debuting at $69. ARK's analysts noted the IPO's success reflects a shift in public perception of stablecoins and their utility in the crypto space. Cathie Wood predicts Bitcoin could reach $1.5 million by 2030 due to rising institutional adoption.
