Ark Invest Offloads $44.7M in Circle Shares Amid GENIUS Act Passage
Cathie Wood''s Ark Invest divested 300,108 shares of Circle Internet Financial (CRCL) across three ETFs, totaling $44.7 million, marking a second consecutive day of profit-taking. The sell-off occurred as CRCL held steady at $149.15, sustaining momentum from its recent trading debut rally.
The MOVE coincided with the U.S. Senate''s bipartisan approval of the GENIUS Act, a regulatory framework for stablecoin issuers. Circle CEO Jeremy Allaire praised the legislation as a "genius" step forward for the industry.
Ark reallocated proceeds into chipmakers AMD and Taiwan Semiconductor, positioning for AI growth opportunities. The firm''s pivot reflects strategic portfolio rebalancing amid evolving crypto regulations and semiconductor market dynamics.
