Cathie Wood’s investment firm, ARK Invest, recently sold off a huge amount of Circle (CRCL) stock – a whopping $238.2 million worth – in just one week. This happened right after Circle’s stock price jumped significantly.
A Quick Sell-Off
Between June 16th and 20th, ARK unloaded these shares. On June 20th alone, they sold $111.6 million worth of CRCL stock, even as the price surged over 20% in a single day.
Circle’s Recent Success
Circle, the company behind the USDC stablecoin and EURC, went public on the New York Stock Exchange (NYSE) on June 5th. Its stock price initially shot up, then settled down. However, it recently hit an all-time high of $248 per share. This surge followed the Senate’s bipartisan approval of the GENIUS Act, a bill aiming to regulate stablecoins. The act would require large stablecoin issuers to be fully backed by assets, and to regularly disclose their reserves and undergo audits. As of Friday, CRCL closed at $240.28.
Why the Sell-Off?
The reasons behind ARK’s decision to sell remain unclear. While the timing is notable, given the price increase, it’s important to remember that investment decisions are complex and based on many factors.
Disclaimer: This information is for general knowledge only and is not financial advice. Always do your own research before making any investment decisions.
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