Cathie Wood’s ARK Invest made headlines recently by purchasing nearly 4.5 million shares of Circle (CRCL) on the company’s first day of trading, representing a substantial holding valued at approximately $373 million at the stock’s closing price.
The St Petersburg, California-based investment manager quickly incorporated the USDC issuer into its portfolio, which already includes prominent names such as Coinbase (COIN), Robinhood (HOOD), and Block (XYZ), seeking to capitalize on the growing exposure to the crypto industry.
Circle’s shares experienced a remarkable surge during its debut on the New York Stock Exchange, climbing as high as $103.75, nearly 50% more than its opening price of $69, before closing at $83.23 on Thursday. This impressive performance stands in stark contrast to the IPO price of $31, highlighting strong investor interest.
In addition to its new stake in Circle, ARK Invest also took the opportunity to offload shares in other crypto-related companies, selling approximately $39 million worth of COIN, $18.5 million of HOOD, and $10.4 million of XYZ. This strategic maneuver reflects a dynamic approach to portfolio management amid the ever-evolving cryptocurrency landscape.
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