Cathie Wood's Ark Invest made a significant move by purchasing shares of Circle Internet Group, dubbed the "first stablecoin stock," while reshuffling its cryptocurrency stock portfolio. This strategic shift may highlight Ark's confidence in the future of stablecoins following Circle's high-profile debut on the New York Stock Exchange.
Ark's three funds—ARKK, ARKW, and ARKF—acquired a total of 4,486,560 Circle shares, valued at approximately $373.42 million at closing prices. Circle's stock experienced two trading halts on its first day, surging over twofold before closing up 168.48% at $83.23.
In contrast, Ark sold 76,654 shares of Palantir, worth about $9.2 million, as its stock fell 7.8% to $119.91. However, Palantir shares rose 1.4% in after-hours trading, following CEO Alex Karp's discussion on surveillance issues and new contract momentum.
Ark also reduced its holdings in Coinbase by selling 161,304 shares, valued at around $39.4 million, with the stock closing at $244.20. Coinbase has outperformed major tech peers recently, benefiting from renewed optimism in the crypto sector.
Additionally, Ark sold 255,327 shares of Robinhood, worth approximately $18.51 million. Robinhood's stock slightly increased by 0.33% to $72.51, buoyed by record platform assets and trading volumes in May and potential inclusion in the S&P 500 Index.
