The Rise and Fall of Circle (CRCL): ARK Invest Dumps Shares Amid Upside Burst

The tech-focused investment firm ARK Invest is making headlines as it offloads its massive trove of Circle (CRCL) shares during a significant upside burst for the stock. Data from Cathiesark.com reveals that ARK Invest sold $238.2 million worth of CRCL between June 16th and June 20th.

Massive Sell-Off Amid Price Surge

On June 20th alone, ARK Invest unloaded $111.6 million in CRCL shares as the stock price surged by more than 20% in a single day. This move comes at a time when the stablecoin issuer is experiencing significant growth and market attention.

CRCL’s Journey to the NYSE

Circle, the issuer of popular stablecoins like USDC and EURC, recently made its debut on the New York Stock Exchange (NYSE) on June 5th. The stock opened at $69 and quickly soared to $103 before settling at $83 by the end of its first trading day.

Legislative Support Boosts CRCL

Following its IPO, CRCL continued its upward trajectory, reaching an all-time high of $248 after the US Senate approved the GENIUS Act with bipartisan support. This bill aims to regulate stablecoin issuers by requiring full asset backing, monthly disclosures, and yearly audits for companies with a market capitalization exceeding $50 billion.

Current Status of CRCL

As of the latest market close, CRCL is valued at $240.28 per share, reflecting the stock’s strong performance and investor interest in the stablecoin market.

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