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The tech-focused investment firm ARK Invest is dumping its massive trove of Circle (CRCL) shares as the stock goes through a big upside burst.
Data from Cathiesark.com, which tracks the investment firm’s equity holdings and trades, shows that ARK Invest offloaded $238.2 million worth of CRCL between June 16th and June 20th.
On June 20th alone, ARK Invest sold $111.6 million in the stablecoin issuer’s shares just as CRCL’s price erupted by more than 20% in just one day.
The issuer of the second-largest dollar-pegged stablecoin USDC and the euro-pegged Euro Coin (EURC) made its debut on the New York Stock Exchange (NYSE) on June 5th, four years after the firm initially announced plans to go public. On its first trading day, CRCL ripped from its debut price of $69 to $103 before giving up gains and closing at $83.
Since then, CRCL has been in a strong uptrend, soaring to its current all-time high of $248 last week after the US Senate voted 68-30 with bipartisan support in favor of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), which would establish a framework for stablecoin issuers.
The bill aims to require stablecoin issuers with a $50 billion market capitalization to have full asset backing, monthly reserve disclosures and yearly audits.
As of Friday’s close, CRCL is worth $240.28 per share.
