ARK Invest, the cryptocurrency-friendly investment firm founded by Bitcoin bull Cathie Wood, continued selling shares of USDC stablecoin issuer Circle, offloading nearly $100 million in two days.ARK dumped another 300,108 Circle shares from its three funds for $44.7 million on Tuesday, according to a trade notification seen by Cointelegraph.The sale came amid Circle stock tumbling 1.3% on the day, with shares closing at $149 after peaking above $165 on Monday, according to TradingView data.The drop came despite positive stablecoin news, with the US Senate passing the GENIUS stablecoin bill in a 6830 vote on Tuesday.ARK dumps 642,766 Circle shares in two daysARKs latest stock sale included transactions from the three ARK funds, including the ARK Innovation ETF (ARKK), ARK Next Generation internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF).The largest fund, ARKK, sold 208,654 CRCL shares, while ARKW and ARKF offloaded 65,320 shares and 26,134 shares, respectively.ARK sold 300,108 Circle shares from ARKK, ARKW and ARKF on June 17.
Source: ARK InvestIn the past two days, ARK has dumped a total of 642,766 Circle shares for roughly $96.5 million.Related: Stablecoins will soon have their iPhone moment, Circle CEOThe sold amount accounts for about 14% of ARKs 4.49 million CRCL purchase made on Circles public launch on June 5, costing the company $373.4 million based on the closing price that day.Who else is selling?Apart from ARK, none of the major public Circle investors appear to have reported selling CRCL shares so far.
BlackRock, which reportedly planned to take a 10% stake in Circles initial public offering (IPO), has not reported selling any CRCL shares.Circle CEO Jeremy Allaire, who co-founded the company in 2013, was set to offload about 8% of his stake in the IPO, selling 1.58 million shares, according to the prospectus.
Co-founder and former CEO Sean Neville and chief financial officer Jeremy Fox-Geen were selling 684,083 shares and 178,991 shares, respectively, accounting for 11% of their Circle holdings.ARK Invest founder and CEO Wood is known as a major Bitcoin (BTC) bull.
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