Crypto News: Ark Invest Buys CRCL, Sells COIN, HOOD, Bitcoin ETF Shares

Cathie Wood’s investment management firm, Ark Invest, purchased 4.5 million shares of Circle (CRCL) on the USDC issuer’s debut.

Ark Invest funds trimmed holdings in a number of shares, including Coinbase (COIN), Robinhood Markets (HOOD), and even its ARK 21Shares Bitcoin ETF (ARKB).

At the time of writing, Circle stock price again rallied in premarket hours on Friday. Circle (CRCL) stock price jumped over 160% on its NYSE debut on Thursday.

Cathie Wood’s Ark Invest Buys $373 Million Worth of Circle (CRCL) Stock

Ark Invest funds purchased 4.5 million Circle (CRCL) stocks worth nearly $373 million, as per a report by Benzinga. The buying was observed across three ARK Invest funds as the funds actively managed their portfolio.

Cathie Wood powered its ARK Innovation ETF (ARKK) with 3,025,089 Circle (CRCL) stocks on Thursday. The shares now make 1.6503% of the total ETF.

Moreover, ARK Next Generation Internet ETF (ARKW) bought 927,318 CRCL shares, which account for 1.6275% of the total ETF.

ARK Next Fintech Innovation ETF purchased 535,153 CRCL shares. The funds went all-in on accumulating Circle stocks.

The crypto community reacted to the massive holdings of Circle (CRCL) stocks by ARK Invest, remarking on the bullish future of the stablecoin market.

Some investors were surprised that the funds did not sell Tesla (TSLA) stocks despite a huge 14% drop in stock price on Thursday.

Ark Invest Funds Offload COIN, HOOD, Block, ARKB Shares

In an effort to accumulate $373 million worth of Circle stocks, Ark Invest funds trimmed holdings in many crypto-related shares. This includes Coinbase (COIN), Robinhood Markets (HOOD), Block (XYZ), and Ark 21Shares Bitcoin ETF (ARKB).

Notably, ARKK sold 133,108 Block shares, 229,293 HOOD stocks, and 101,037 COIN stocks. Also, the company offloaded 53,385 Coinbase (COIN) stocks in ARKF.

In addition, ARKW trimmed holdings in COIN, HOOD, META Platforms, and Block Inc. to buy Circle (CRCL) stocks. The fund even offloaded 168,675 shares in Ark 21Shares Bitcoin ETF.

Coinbase stock fell 4.61% to $244.20 on Thursday, whereas HOOD price closed 0.33% higher at $72.51.

Also, ARK 21Shares Bitcoin ETF recorded an outflow of $102 million as a result of a sell-off by Cathie Wood’s Ark Invest, as per data by Farside Investors.

Stablecoin Giant Circle Makes Superb Debut on US Stock Market

USDC issuer Circle Internet Group’s IPO was oversubscribed, and the firm even increased the offering size and price due to increased demand.

The stock opened at $69 a share and quickly soared to $103.75, 235% above its initial public offering price of $31 a share.

Moreover, the USDC stablecoin issuer expected a valuation of $6.5 billion but saw its valuation reach $6.9 billion after a mega debut.

Even before the public offering, BlackRock revealed plans to acquire 10% of the Circle shares, bringing massive investor demand.

Moreover, Cathie Wood’s ARK Investment Management and affiliates plan to purchase $150 million of shares of Class A common stock.

Circle stock price was up 15% in premarket hours on Friday, as per Yahoo Finance. Circle (CRCL) stock price closed 168.48% higher at $83.23 on Thursday.

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