Key Highlights:
- Ark Invest sells over $51 million of Circle shares across three ETFs
- Circle stock closed at a record $151.06, nearly 5x its IPO price
- Circle had a blockbuster $1.1B IPO and is central to stablecoin growth
- USDC’s popularity is rising alongside U.S. crypto legislation momentum
Ark Trims Circle Stake Amid Price Surge
Cathie Wood’s Ark Invest sold 342,658 shares of Circle on Monday, totaling $51.7 million across three ETFs. The sale comes as Circle’s stock, traded under CRCL, surged 13.1% to a record close of $151.06 — nearly five times its IPO price of $31.Blockbuster IPO and Investor Momentum
Circle completed a $1.1 billion IPO earlier this month, attracting major investor interest. Ark had previously bought $373 million in Circle shares during the offering. The firm is best known for issuing USDC, the second-largest stablecoin pegged to the U.S. dollar.Stablecoin Sector Poised for Legislative Breakthrough
Circle’s success is tied closely to rising confidence in the stablecoin sector, as the U.S. Senate prepares to vote on the GENIUS Act. If passed, the bill would establish a national framework for fiat-pegged crypto assets. Circle CEO Jeremy Allaire compared the sector’s current state to mobile tech before the iPhone — poised for mass adoption.
Read the full article on
theblock.
