ARK Invest Loaded Up $373M Worth of Circle Shares on First Day of Trading

Cathie Wood’s ARK Invest bought nearly 4.5 million Circle (CRCL) shares on the stablecoin issuer’s first day of trading, a holding worth $373 million at the stock’s closing price.

The St Petersburg, California-based investment manager was quick to add the USDC issuer to its portfolio companies that provide exposure to the crypto industry along with the likes of Coinbase (COIN), Robinhood (HOOD) and Block (XYZ).

Circle shares surged on the company’s New York Stock Exchange debut, climbing as high as $103.75, around 50% higher than its opening price of $69. CRCL closed at $83.23 on Thursday. The IPO price was $31.

ARK also offloaded a chunk of shares in other crypto companies, selling $39 million of COIN, $18.5 million of HOOD and $10.4 million of XYZ.