Overview

ARK Invest has recently divested another significant batch of Circle shares across its exchange-traded funds (ETFs) shortly after the company’s dramatic initial public offering (IPO). This notable sell-off follows Circle’s stock skyrocketing over 670% in just two weeks, prompted by enthusiastic investor sentiment and favorable regulatory developments.

Key Points:

• ARK’s main innovation fund, the ARK Innovation ETF (ARKK), sold 490,549 shares, making up about 1.8% of its holdings.
• Total shares sold across various ARK ETFs amounted to about $146.3 million based on the closing price of $240.28 per share on June 20.
• This is the third and largest wave of share sales made by ARK since Circle’s IPO, with prior sales of $50 million and $44.7 million recorded.

In addition to selling Circle shares, ARK has shifted some of its investment strategy by acquiring shares in prominent companies such as AMD, Shopify, and Taiwan Semiconductor Manufacturing Company.

Circle’s USDC stablecoin retains significant market capitalization, currently ranking as the second-largest stablecoin with approximately $61.26 billion in circulation, trailing only Tether (USDT), which has about $155.88 billion.

Furthermore, Coinbase is collaborating with Nodal Clear to integrate USDC in the U.S. futures markets, enhancing the stablecoin’s utility, while Shopify is enabling USDC payments within its ecosystem.

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