ARK Investment Management, led by prominent investor Cathie Wood, has executed another major sale of Circle Internet Financial shares this week, continuing its strategic reduction of holdings in the stablecoin issuer.

Fourth Round of Sales in Two Weeks

The investment firm sold 415,844 Circle (CRCL) shares worth $109.6 million on Monday, marking its fourth divestment since June 16. This follows last week's disposal of 1.25 million shares for approximately $243 million. 【Total sales now reach 1.7 million shares, representing 37% of ARK's initial 4.5 million share purchase on June 5】

Notably, the transactions occurred as CRCL shares briefly touched $299 during Monday's trading session, demonstrating remarkable volatility since Circle's NYSE debut earlier this month.

Current Holdings Across ARK Funds

After the latest transactions, ARK maintains significant exposure through three key funds:

• ARK Innovation ETF (ARKK): Retains 1.7 million shares (6.8% of fund assets)
• ARK Next Generation Internet ETF (ARKW): Holds 625,645 shares
• ARK Fintech Innovation ETF (ARKF): Maintains 369,128 shares

——Combined holdings of 2.6 million shares represent a $690 million position at Monday's closing price of $263.4——

Market Cap Nears USDC Valuation

Circle's surging stock price has propelled its market capitalization to between $60-63.9 billion, approaching the $61.7 billion market value of its flagship USDC stablecoin. This unusual situation places the parent company's valuation nearly on par with its primary product's circulating supply.

Industry analysts note the paradox: ——"A stablecoin issuer's equity now rivals its stablecoin's market cap—this fundamentally changes how we value blockchain financial infrastructure"——

Strategic Implications

The sales raise questions about ARK's long-term view on Circle:

• Profit-taking after strong post-IPO performance
• Portfolio rebalancing amid crypto market uncertainty
• Potential concerns about regulatory pressures on stablecoins

【Circle shares have gained 47% since their June 5 debut at $200】

Market observers will watch whether other major holders follow ARK's lead, particularly as the stock's valuation approaches psychological resistance levels. The coming weeks may reveal whether this represents prudent profit-taking or a broader reassessment of stablecoin-related equities.