Cathie Wood’s Ark Invest bought 4,486,560 Circle shares, worth $373.4 million, for its Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF) funds on Thursday as the USDC stablecoin issuer made its New York Stock Exchange debut.
Circle saw a near 200% surge in its share price on its first day of trading as a public company under the ticker CRCL, exceeding $96 at one point. CRCL closed up 168.5% on Thursday at $83.23, according to TradingView. That followed an upsized initial public offering that priced shares at $31 each, reflecting stronger-than-expected demand.
Circle had two previous attempts to go public, once via a Special Purpose Acquisition Company (SPAC) merger in 2021 and again in 2024 following a confidentially submitted draft S-1 registration filing with the Securities and Exchange Commission in 2024.
Circle initially filed its latest prospectus with SEC for an IPO in April, but there were concerns its plans may get derailed amid the President Trump tariff-fueled market turmoil. However, with the IPO now completed, other crypto companies, such as Kraken and Animoca Brands, will be watching its performance closely amid their own plans to go public.
“Our transformation into being a public company is a significant and powerful milestone — the world is ready to start upgrading and moving to the internet financial system,” Circle co-founder and CEO Jeremy Allaire said Thursday.
Circle’s USDC is the world’s second-largest U.S. dollar-pegged stablecoin with a $60.6 billion supply behind Tether’s USDT on $154.5 billion, according to The Block’s data dashboard.
Ark’s habit of buying crypto-related stocks on debut
Ark has a history of picking up investments upon listing, also buying 750,000 Coinbase shares on its April 2021 debut and 140,000 eToro shares, worth $9.4 million, following its public offering in May.
Ark’s investment strategy aims to let no individual holding take up more than 10% of a fund’s portfolio. This is to maintain diversification within its funds — meaning Ark is likely to continue rebalancing its weightings if the value of Circle shares rises or falls significantly relative to Ark’s other holdings in its funds.
According to the firm’s latest disclosures, CRCL comes in at 10th of holdings within its ARKK fund, with an initial weighting of 4.4% ($251.8 million), 8th in its ARKW fund (4.4%/$77.2 million), and 7th in its ARKF fund (4.3%/$44.5 million). To put that in perspective, Tesla, Ark Invest’s Bitcoin ETF, and Shopify represent the top assets in those funds with weightings of 10.3%, 8.2%, and 9%, at a valuation of $594 million, $145 million, and $94 million, respectively.
Ark sells off its own Bitcoin ETF and shares in Coinbase, Robinhood, and Block
Alongside the Circle buy, Ark sold off a total of $17.1 million worth of its own U.S. spot Bitcoin ETF from its Next Generation Internet fund on Thursday but ARKB remains the fund’s top holding.
Ark’s spot Bitcoin ETF registered $102 million in total net outflows on June 5 but has generated $2.4 billion in cumulative inflows since launching in January 2024. The fund has $4.7 billion in assets under management, according to The Block’s ARKB Tracker page.
Meanwhile, Ark sold 161,304 Coinbase shares across its ARKK, ARKW, and ARKF funds, worth $39.4 million. The investment firm also offloaded 255,327 shares of Robinhood valued at $18.5 million and 163,304 shares in Jack Dorsey’s Block, worth around $10.4 million, from its ARKK and ARKW funds.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
