Ark Invest sells $14 million in Circle stock amid crypto equities rally

Ark Invest sells — Ark Investment Management, led by Cathie Wood, sold $14.1 million worth of Circle Internet Financial stock on Tuesday while trimming some of its large Coinbase position as crypto-related equities continued to advance.

The sales were part of the firm’s routine portfolio adjustments disclosed in its daily trade summary. Ark sold 468,937 shares of Circle, the issuer of the USDC stablecoin, via its flagship ARK Innovation ETF. The firm also sold 16,789 shares of Coinbase Global, worth approximately $4.8 million.

Ark’s crypto stock trading strategy

Ark Invest frequently adds and trims its positions in crypto stocks throughout the year, making trades based on its outlook and portfolio management strategy. The sales occurred on a day when crypto stocks broadly rallied, with Coinbase shares closing up over 7%.

The moves reduced Ark’s holdings in two of its key crypto equity bets but did not signify a major exit from the sector. The firm maintains substantial positions in both companies across its suite of ETFs.