Cathie Wood's Ark Invest made a blockbuster purchase of Circle Internet Group (NYSE:CRCL) shares on Thursday, marking a significant move in the evolving digital assets landscape. The bold acquisition came as Ark simultaneously reshuffled its cryptocurrency stock portfolio, reducing exposure to other industry names. This strategic pivot follows Circle's high-profile NYSE debut and may underscore Ark's conviction in the future of stablecoins.
The Circle Trade
On Thursday, Ark Invest purchased an eye-popping 4,486,560 shares of Circle, totaling approximately $373.42 million. The transactions were made through ARK Innovation ETF (BATS:ARKK), ARK Next Generation Internet ETF (BATS:ARKW), and Ark Fintech Innovation ETF (BATS:ARKF). For the day, Circle shares closed at $83.23, rising a whopping 168.48%. The shares rose another 5.4% in the after-hours trading to $87.71.
This move comes on the heels of Circle's impressive NYSE debut, where the company raised $1.1 billion, signaling strong investor confidence in the mainstream adoption of stablecoins. The acquisition by Cathie Wood's team could highlight Ark's bullish outlook on the stablecoin sector, as Circle positions itself at the forefront of digital payments and blockchain innovation. The timing of the trade, closely following Circle's successful listing and capital raise, suggests Ark is betting on the company's ability to capitalize on the growing demand for regulated, transparent stablecoin solutions.
The Palantir Trade
Ark sold 76,654 shares worth about $9.2 million of Palantir through its ARKK and ARKW funds. On Thursday, Palantir shares dropped 7.8% to $119.91. In the after-hours trading, the shares registered a 1.4% rise. The move came as Palantir CEO Alex Karp addressed surveillance concerns and emphasized the company's momentum in securing new contracts.
The Coinbase Trade
Ark trimmed its position by 161,304 shares in ARKK, ARKW and ARKF, a transaction valued at roughly $39.4 million.On Thursday, Coinbase shares closed at $244.20. This comes after Coinbase outperformed major tech peers in a recent rally, fueled by renewed optimism in the crypto sector.
The Robinhood Trade
Ark sold 255,327 Robinhood shares through ARKK and ARKW, amounting to $18.51 million. Robinhood shares closed at $72.51 for the day. The trade followed a period of gains for Robinhood stock, as the platform continues to evolve its offerings and attract retail investors. Robinhood shares rose Thursday after the company reported record-high platform assets and trading volumes for May, along with a 40% year-over-year increase in net deposits. The stock may also get a boost from a potential inclusion in the S&P 500.
Other Key Trades:
- ARK 21Shares Bitcoin ETF (NYSE:ARKB): Ark reduced its stake by 168,675 shares, worth $17.14 million, continuing its recalibration of crypto-related holdings. The transaction was made through ARKW. For the day, ARKB shares closed at $101.62.
- Among crypto-related stocks sold by Ark on Thursday was Jack Dorsey’s Bitcoin (CRYPTO: BTC)-focused company Block Inc. (NYSE:XYZ). Ark sold 163,380 shares via ARKK and AKRW. The transaction was worth $10.4 million as the company’s shares closed at $63.60 for the day.
- Sold 2,829 shares of Meta Platforms Inc. through ARKW.
- Purchased 115,834 shares of Veracyte Inc. (VCYT) through ARKK.
- Purchased 38,424 shares of Guardant Health Inc. (GH) through ARKK.
Benzinga’s Edge Stock Rankings show that Coinbase has good Short, Medium and Long Price Trend. Find out how other cryptocurrency stocks compare here.
Photo Courtesy: Ira Lichi On Shutterstock.com
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
