Ark Invest Dumps Nearly $45M Worth of Circle Shares as U.S. Senate Passes GENIUS Act

Cathie Wood’s Ark Invest sold a combined 300,108 shares of Circle Internet Group CRCL on Tuesday across three of its ETFs, continuing to take profit for a second day in a row, this time to the tune of $44.7 million.

The move came as CRCL closed in New York Tuesday at $149.15 as it continues to maintain investor momentum after a monster rally during its first days of trading earlier this month.

ARK’s trimming of its CRCL position coincided with a major policy milestone: the U.S. Senate’s bipartisan passage of the GENIUS Act, a bill designed to regulate stablecoin issuers like Circle.

The Act is considered an industry win, and was welcomed by Circle CEO Jeremy Allaire, who called it a “genius” piece of legislation in an X post.

An investor notice indicates that as ARK sold CRCL, it increased its positions in chip designer AMD, which has been described as an undervalued AI play following the release of its recent roadmap, as well as Taiwan Semiconductor, a chip manufacturing company.