Cathie Wood's ARK continued to sell Circle stock after dumping approximately $243 million worth of 1.25 million shares of CRCL last week.
According to trading notifications seen by Cointelegraph, ARK sold another 415,844 shares of Circle stock from its funds on Monday, valued at $109.6 million.
These transactions mark the fourth sale of Circle stock by ARK since it began selling CRCL shares on June 16, just 11 days after Circle went public on the New York Stock Exchange (NYSE).
With the new sell-off, ARK has now sold approximately 1.7 million shares of Circle stock, accounting for 37% of the 4.5 million shares of CRCL it purchased on June 5.
The latest sale by ARK involved transactions from three holding funds, including the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
ARKK is ARK's largest fund, with assets under management (AUM) of $5.6 billion, and on Monday sold 306,921 shares of Circle stock, still holding about 1.7 million shares, which represents approximately 6.8% of the fund's total assets.
The other two funds, ARKW and ARKF, sold 72,302 shares and 36,621 shares, respectively, holding 625,645 shares and 369,128 shares, totaling 994,773 shares of CRCL.
After the new sell-off, the three funds collectively hold 2.6 million shares of Circle stock, valued at approximately $69.9 million based on Monday's closing price of $263.4 for CRCL.
ARK's latest CRCL sell-off comes as Circle's stock continues to soar, briefly reaching a high of $299 on Monday, according to NYSE data.
The significant appreciation of Circle's stock has led to a surge in its market capitalization, gradually approaching the market value of Circle's flagship product, the USDC stablecoin.
According to CompaniesMarketCap data, Circle Internet Group is now the 324th largest publicly traded company in the world, with a market capitalization of $63.9 billion.
Meanwhile, other sources like Investing.com estimate Circle's market capitalization to be around $60 billion, indicating that the company has not yet surpassed the current market value of USDC, which stands at $61.7 billion (according to CoinGecko data).
Related: Cryptocurrency assets plummet, Circle stock doubles: Stablecoin sector welcomes valuation switching window
Original: “Cathie Wood's ARK Starts the Week by Selling $110 Million Worth of Circle Stock”
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