Ark Invest Dumps Coinbase & Robinhood—Plows $373M Into Circle in Bold Stablecoin Bet
Cathie Wood's Ark just made a power move—slashing stakes in crypto's retail darlings to double down on the infrastructure behind the dollar's digital future.
The $373M Circle buy screams one thing: institutional money's betting big on stablecoins as the rails for tomorrow's financial system—even if Wall Street still pretends they're 'just for drug dealers.'
Coinbase and Robinhood? Looks like Ark's trading 'meme stock energy' for the boring—but bulletproof—business of minting digital dollars. Sometimes revolution means holding the plumbing instead of the pump.
Source: Reuters / Andrew Kelly
Ark Invest Lessens Position in Coinbase & Robinhood, Opts for Circle
Ark Invest has long been one of the biggest supporters and believers in the cryptocurrency sector. Just a month ago, the firm projected that Bitcoin would surge to a $2.4 million price over the next five years. Moreover, it has continued to be a major investor in some of the most prominent companies that the sector has to offer.
That is something that continued with the landmark development taking place Thursday. However, it required some rebalancing of the company’s fund weightings that show an interesting trend. Specifically, Ark Invest lessened its position in both Coinbase and Robinhood to make room for $373 million worth of Circle shares.
Overall, the company purchased 4,486,560 Circle shares for its Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF) funds. The accumulation was a clear reason for Circle’s 200% surge in its stock value over the course of its very first trading day.
The stock closed Thursday up a remarkable 168%. Indeed, the listing is the culmination of a long and highly anticipated IPO filing. Moreover, it came despite ongoing rumblings that the USDC stablecoin issuer was in talks to sell to either Coinbase or Ripple. Now, that looks to be the smartest move the company could have made.
