Cathie Wood’s Ark Invest has continued reducing its exposure to Circle, selling another sizable batch of shares as the stablecoin firm recorded a market pullback.
On June 17, Ark sold 300,108 CRCL shares across three of its exchange-traded funds (ETFs), according to the firm’s daily trade filing. The sale totaled approximately $44.7 million based on Circle’s closing price of $149.15, per Google Finance data.
The sell-off spanned three of Ark’s exchange-traded funds (ETFs). The ARK Innovation ETF (ARKK) offloaded the largest chunk at 208,654 shares. It was followed by the ARK Next Generation Internet ETF (ARKW), which sold 65,320 shares, and the ARK Fintech Innovation ETF (ARKF), which parted with 26,134 shares.
This latest move comes a day after Ark began selling its Circle position on June 16. In 48 hours, the company has liquidated 642,766 CRCL shares, valued at close to $100 million.
The latest sale comes after CRCL posted its first dip on the New York Stock Exchange since going public earlier this month. On June 17, Circle’s share price slightly dropped by 1.2%, closing at $149.15.
This slight pullback marked a notable shift for the stablecoin issuer, which had maintained a bullish trajectory since its debut.
Despite the decline, CRCL shares have shown signs of recovery. Pre-market data indicates the stock has bounced back with a 3.43% gain, hinting at renewed investor confidence.
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