Cathie Wood's ARK Invest has intensified its selling amid Circle (CRCL) stock soaring nearly 250% since its public listing.
According to a trading notice seen by Cointelegraph, ARK sold 609,175 shares of Circle stock from its three funds on Friday, totaling $146.2 million.
This sale coincided with the company's stock price rising 20.4% on Friday, closing at $240.3, which is 248% higher than the opening price of $69 on June 5 on the New York Stock Exchange.
The recent sale marks ARK's third sale in the past trading week, with a total of 1.25 million shares of CRCL stock sold, netting approximately $243 million based on daily closing prices.
ARK's latest Circle stock sale involved trades from its three funds, including the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
The largest fund, ARKK, sold 490,549 shares of CRCL stock, while ARKW and ARKF sold 75,018 shares and 43,608 shares, respectively.
The company sold $45 million worth of stock on Tuesday, following a $52 million sale on Monday.
ARK's sales of Circle stock over the past week accounted for nearly 29% of the 4.49 million shares of CRCL stock it purchased at the time of Circle's public listing on June 5.
Despite the large-scale sell-off, ARK remains one of the largest shareholders of CRCL. According to Bloomberg terminal data, as of June 20 at 3 PM (UTC), ARK ranked as the eighth largest investor.
According to the data, Beijing-based IDG-Accel China Capital Fund II is the largest shareholder of Circle, holding 23.3 million shares, followed by General Catalyst Group Management and James Breyer, holding 20.1 million shares and 16.7 million shares, respectively.
As of June 20, ARK still holds $750.4 million worth of Circle stock, making CRCL the largest holding in the ARKW fund, with a weight of 7.8%.
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Original: “Cathie Wood's ARK Fund Sells $146 Million in Shares as Circle Stock Soars”
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