ARK Invest Sells $44.7M in Circle Shares Amid GENIUS Act Boost for Stablecoins
Cathie Wood’s ARK Invest has further trimmed its stake in Circle Internet Group (CRCL), selling 300,108 shares across three of its ETFs on Tuesday and locking in $44.7 million in proceeds.
The sale comes as Circle’s stock continues to ride high, closing at $149.15 in New York after a strong rally in its early days of trading this month.
The timing coincided with a significant regulatory win for the crypto sector: the U.S. Senate’s bipartisan passage of the GENIUS Act, aimed at providing clear rules for stablecoin issuers such as Circle. Circle’s CEO, Jeremy Allaire, applauded the legislation on social media, calling it a “genius” move for the industry.
While lightening up on CRCL, ARK redeployed capital into other technology bets, adding shares of chipmaker AMD, which analysts see as undervalued amid AI momentum, as well as semiconductor giant Taiwan Semiconductor.
