A look at ARK Invest's recent moves with Circle (CRCL) shares, the stablecoin landscape, and what it all means for the future of digital finance.
ARK Invest has been making waves in the crypto world, particularly with its investments in Circle, the company behind the USDC stablecoin. But lately, they've been trimming their CRCL holdings. What's going on, and what does it mean for the future of stablecoins?
ARK Invest Trims Circle Stake: Profit-Taking or a Change of Heart?
Just weeks after Circle's impressive IPO, ARK Invest began reducing its position in CRCL across its ETFs. The most recent and largest sale involved 490,549 shares from the flagship ARK Innovation ETF (ARKK), along with reductions from ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF). In total, these sales amounted to approximately $146.3 million, based on the June 20 closing price.
This marks the third wave of CRCL share selling since the IPO, following previous sales of $50 million and $44.7 million worth of shares. Given Circle's stock surge – a staggering 670% increase in just over two weeks following its debut – profit-taking seems like a reasonable explanation. After all, who wouldn't want to capitalize on such a meteoric rise?
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