Ark Invest Buys $13.7M of Circle, Sells $9.8M of Robinhood

Ark Invest bought 217,896 shares of Circle Internet Group on Thursday across three of its ETFs-ARK Innovation (ARKK), ARK Next Generation Internet (ARKW) and ARK Fintech Innovation (ARKF)—using the day’s closing price of $63.01, a transaction valued at about $13.7 million. The firm also sold 85,319 shares of Robinhood at Thursday’s close of $115.11, reducing that holding by roughly $9.8 million.

The Circle purchases were recorded in filings for ARKK, ARKW and ARKF. Robinhood shares closed up 1.39% on Thursday while Circle shares fell 1.65% on the same day.

Circle’s share price has declined about 20.2% over the past month following the launch of Open USD, a new stablecoin project backed by more than 140 firms, including Visa, Stripe, Mastercard, BlackRock and Coinbase. Earlier this month Bernstein kept an Outperform rating on Circle and maintained a $190 price target.

Ark manages ETF weightings so that no single stock accounts for more than 10% of a fund’s assets and rebalances portfolios when asset values change. The trades were disclosed in Ark’s daily filing.

The transactions took place amid recent developments in the stablecoin and fintech sectors, including new stablecoin initiatives and ongoing regulatory activity affecting crypto-related companies.