Cathie Wood sells $96M of popular tech stock as price tumbles post-IPO

Cathie Wood sells $96M of popular tech stock as price tumbles post-IPO originally appeared on TheStreet.

Cathie Wood’s ARK Invest has offloaded more than $96 million worth of Circle shares in just two days, marking a sharp reversal after initially backing the stablecoin issuer during its much-anticipated NYSE debut earlier this month.

ARK Invest sold 642,766 Circle (CRCL) shares across three of its exchange-traded funds — the ARK Innovation ETF, the ARK Next Generation Internet ETF, and the ARK Fintech Innovation ETF — amounting to nearly 14% of its initial stake. ARK had purchased 4.49 million CRCL shares at the time of Circle’s public listing on June 5, an investment worth approximately $373.4 million based on the initial public offering closing price.

On June 17 alone, ARK sold 300,108 shares for $44.7 million, coinciding with a 1.3% drop in CRCL stock to $149. Shares had previously touched an all-time high of $165.60 earlier in the week, but began to slide amid broader market volatility and profit-taking.

The swift sell-off by one of Circle’s largest backers raised eyebrows in the crypto and traditional finance world alike. It came despite positive regulatory momentum for stablecoins — the U.S. Senate just passed the GENIUS stablecoin bill with a 68 to 30 majority, signaling growing institutional acceptance of tokenized dollars like USDC, which Circle issues.

So far, no other major Circle investors, including BlackRock — which reportedly planned to take a 10% stake during the IPO — have disclosed any sales. That makes ARK’s decision a potential outlier or a strategic rebalancing move.

ARK’s moves reflect the high-stakes nature of early post-IPO trading in volatile sectors like crypto. Wood has maintained her long-term bullish stance on digital assets — most notably predicting that Bitcoin could reach $1.5 million by 2030.

CRCL was trading at $149 at press time, down 10% from its peak.

Cathie Wood sells $96M of popular tech stock as price tumbles post-IPO first appeared on TheStreet on Jun 18, 2025

This story was originally reported by TheStreet on Jun 18, 2025, where it first appeared.