ARK Invest Offloads $45M in Circle Shares as Market Declines
ARK Invest, the investment firm led by prominent Bitcoin advocate Cathie Wood, has sold an additional $45 million worth of Circle shares. This follows a two-day sell-off totaling $96.5 million, representing 14% of ARK’s initial investment during Circle’s public debut.
Market Response Contrasts With Stablecoin Legislation
Circle’s stock fell 1.3% despite the US Senate passing the GENIUS stablecoin bill, highlighting the complex relationship between cryptocurrency markets and regulatory developments.
Breakdown of ARK’s Share Sales
The sales occurred across three ARK funds:
- ARK Innovation ETF (ARKK): 208,654 shares
- ARK Next Generation Internet ETF (ARKW): 65,320 shares
- ARK Fintech Innovation ETF (ARKF): 26,134 shares
Investor and Executive Activity
While ARK Invest reduced its position, other major investors like BlackRock maintained their holdings. Circle CEO Jeremy Allaire and other executives had previously disclosed plans to sell portions of their stakes during the IPO.
Wood Maintains Bullish Bitcoin Stance
Despite the Circle share sales, Cathie Wood reaffirmed her positive outlook for Bitcoin, projecting a potential value of $1.5 million by 2030 based on growing institutional adoption.
