On Monday, ARK Invest, Circle's eighth-largest staker, kept selling CRCL shares when the stock momentarily reached $299.
Following last week's sale of 1.25 million CRCL shares for roughly $243 million, Cathie Wood's investment firm, ARK Invest, has continued to dump Circle shares.
ARK sold an additional 415,844 Circle shares from its funds on Monday for $109.6 million, as Cointelegraph was able to witness in a trade notification.
The trades represented the fourth Circle dump by ARK since the asset management started unloading CRCL shares on June 16, just 11 days following Circle’s public opening on the New York Stock Exchange (NYSE).
As a result of the recent sale, ARK has now sold roughly 1.7 million Circle shares, or 37% of the 4.5 million CRCL it bought on June 5.
ARK funds still have 2.6 million Circle shares
The ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF) were among the three holding funds that were participating in ARK's most recent offering.
ARKK, the largest ARK fund with assets under management (AUM) of $5.6 billion, sold 306,921 Circle shares on Monday and still holds about 1.7 million shares, accounting for roughly 6.8% of the fund’s total assets.
994,773 CRCL shares were held after the two other funds, ARKW and ARKF, sold out 72,302 and 36,621 shares, respectively, leaving 625,645 and 369,128 shares.
Following the recent transaction, all three funds retained 2.6 million Circle shares, which, at Monday's CRCL closing price of $263.4, were worth around $69.9 million.
Circle shares will surpass USDC in market capitalization
According to NYSE data, Circle shares continued their explosive increase, briefly reaching $299 on Monday, coinciding with ARK's most recent CRCL transaction.
As Circle's market capitalization increased due to the noteworthy appreciation of its shares, it began to approach the market value of its flagship product, the USDC stablecoin.
With a $63.9 billion market valuation, Circle Internet Group is currently the 324th largest publicly traded company in the world, according to CompaniesMarketCap statistics.
However, according to CoinGecko, Circle has not yet surpassed USDC's current market worth of $61.7 billion, with other sites such as Investing.com estimating the company's market cap at about $60 billion.
