Circle’s stock made a strong debut on the New York Stock Exchange, soaring to a high of $103.75—about 50% above its initial opening price of $69—and closing Thursday at $83.23, well above its $31 IPO price.
Cathie Wood’s ARK Invest quickly moved to purchase nearly 4.5 million shares of Circle (CRCL) on the first day of trading, valuing its new position at approximately $373 million based on the closing price. This investment further strengthens ARK’s crypto-focused portfolio, which already includes Coinbase (COIN), Robinhood (HOOD), and Block (XYZ).
Meanwhile, ARK trimmed its stakes in several other crypto-related stocks, selling $39 million worth of Coinbase shares, $18.5 million of Robinhood, and $10.4 million of Block.
Based in St. Petersburg, California, ARK continues to actively manage its exposure to the evolving cryptocurrency sector.
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