Thomas Daniels
Cathie Wood’s ARK Invest has initiated a significant reduction in its exposure to Circle Internet Group (NYSE: CRCL), selling $109.6 million worth of stock just days after a prior $243 million divestment.
ARK Invest continued its selloff of Circle shares on Monday, liquidating 415,844 shares valued at $109.6 million, according to regulatory disclosures. The transaction represents ARK’s fourth major divestment since June 16, occurring shortly after Circle’s June 5 debut on the New York Stock Exchange. The investment firm has now sold approximately 1.7 million CRCL shares, representing 37% of its initial 4.5 million-share position.
The latest sale spanned three of ARK’s flagship exchange-traded funds: the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). ARKK executed the bulk of the trade, offloading 306,921 shares and retaining approximately 1.7 million CRCL shares, which now account for 6.8% of the fund’s total assets under management (AUM). ARKW and ARKF sold 72,302 and 36,621 shares, respectively. Combined, the three ETFs now hold 2.6 million shares, valued at roughly $69.9 million based on Circle’s closing price of $263.4 on Monday.
Circle’s stock briefly surged to $299 earlier the same day, marking a nearly 9.6% intraday gain and lifting its share price to nearly 7.5 times its IPO level of $31. The price rally has bolstered Circle’s market capitalization to an estimated $63.9 billion, placing it as the 324th largest publicly traded company globally, per CompaniesMarketCap. Competing estimates from CoinGecko and Investing.com place the firm’s market value slightly lower, at around $60 billion, though still closely rivaling that of its flagship stablecoin, USDC, currently valued at $61.7 billion.
Despite ARK’s ongoing reduction, market sentiment around Circle remains bullish. Seaport Global recently reiterated a “Buy” rating on CRCL, assigning a $235 price target, citing Circle’s rapid ascent and its strategic position in the expanding stablecoin ecosystem. Legislative tailwinds may further benefit the company, as a recently passed Senate bill—formally titled the “GENIUS Act”—seeks to strengthen regulatory clarity for dollar-backed stablecoins. Pending House approval, this could unlock new capital inflows from institutional investors.
