Cathie Wood’s Ark Invest has offloaded a total of 342,658 shares of Circle Internet Group Inc., capitalizing on a sharp rally in the stock price. The sale, valued at approximately $51.7 million, came as Circle’s shares surged over 22% to a high of $168 in early Monday trading—more than five times its $31 IPO price.
Ark Invest Sells $51.7M in Circle
The sell-off was spread across three Ark ETFs. The ARK Innovation ETF (ARKK) sold 196,367 shares, ARK Next Generation Internet ETF (ARKW) offloaded 92,310, and ARK Fintech Innovation ETF (ARKF) trimmed 53,981 shares.
Circle’s rally followed remarks from CEO Jeremy Allaire, who on X (formerly Twitter), suggested stablecoins are approaching their “iPhone moment”—a breakthrough phase where programmable digital dollars become a key infrastructure layer, much like smartphones revolutionized app development.
At present, Circle stock was trading at $151.06, which is still up 13.1% and 17.50 points up from the last day.
Circle’s USDC happens to be the second-largest stablecoin pegged to the US dollar, after Tether’s USDT. According to DeFiLlama stats, the total stablecoin market has grown 0.42% in the past day and has reached $251.84 billion. USDT leads with a market cap of $156.35 billion, followed by USDC at $61.18 billion.
Interest in stablecoins is accelerating. Major financial institutions—including Bank of America, Citi, and Wells Fargo—are reportedly exploring collaborative digital currency projects. JPMorgan Chase, once a staunch crypto skeptic, is now exploring within the space after its Bitcoin offering. The bank has filed a trademark for “JPMD,” which is rumored to be linked to a potential stablecoin.
While there is no official confirmation, some rumors suggest that the trademark could be linked to a potential digital asset trading platform and stablecoin.
Apart from corporations, governments have become keen on taking regulatory actions on stablecoins. South Korea and Hong Kong, in particular, are doubling down on their regulatory frameworks. Just yesterday, Hong Kong’s Financial Secretary Paul Chan Mo-po announced that the Hong Kong Monetary Authority (HKMA) will accelerate licensing for stablecoin issuers once the upcoming “Stablecoin Ordinance” takes effect.
With the advancement of the GENIUS Act — a key piece of legislation set for a final Senate vote this Tuesday, one can expect other firms to join in the stablecoin race. Note that the GENIUS Act will mandate licensing for stablecoin issuers, and will set clear guidelines for transparency, audits, and consumer protection.
Also Read: Stablecoin Market Hits Record $228B as US Senate Advances GENIUS Act
