Ark Invest’s Cathie Wood dumps another $110M in Circle shares amid valuation surge that flipped Robinhood

Cathie Wood’s ARK Invest sold astir $110 cardinal worthy of Circle (CRCL) shares connected June 23, continuing a question of profit-taking conscionable weeks aft the stablecoin issuer went public.

According to the firm’s latest trading disclosure, the firm’s ARK Innovation ETF (ARKK) offloaded the astir important chunk of CRCL with the merchantability of 306,921 shares, followed by the ARK Next Generation Internet ETF (ARKW), which sold 72,302 shares. The ARK Fintech Innovation ETF (ARKF) divested 36,621 shares.

Cumulatively, these 3 funds sold 415,844 CRCL shares for $109.6 million.

Meanwhile, these income travel past week’s divestments of astir $240 cardinal crossed 3 trading sessions connected June 16, 17, and 20.

With the latest sale, ARK has liquidated a combined $350 cardinal successful CRCL holdings wrong 4 trading sessions.

Circle’s rising valuation

The flurry of selling enactment comes amid a stunning rally successful Circle’s stock, which has propelled the firm’s valuation to caller grounds highs.

Since going nationalist astatine $31 per share and raising $1.05 billion, the banal has surged by astir 750% to a highest adjacent $300, according to Yahoo Finance data.

That rally has pushed the company’s valuation beyond $63 billion, with endeavor worth topping $70 cardinal during June 23 trading.

This crisp ascent present places Circle up of respective notable fintech firms. According to Artemis laminitis Jon Ma, Circle’s valuation has overtaken Robinhood’s $68 cardinal marketplace headdress and present surpasses Nubank ($59 billion) and Block ($38 billion).

Circle’s Financial Model. (Source: X/Jon Ma)

At its intraday peak, Circle concisely outpaced Coinbase, the largest US-based crypto trading platform, successful marketplace headdress connected a afloat diluted basis, according to Dragonfly’s wide partner, Rob Hadick.

Despite being a caller entrant to nationalist markets, Circle’s valuation metrics are raising eyebrows. Ma pointed retired that the steadfast present trades astatine 32 times its revenue, 80 times its gross profit, and implicit 280 times its earnings.

Still, bullish observers reason that this maturation is backed by USDC’s planetary relevance and expanding organization adoption of stablecoins. According to them, this accelerated ascent has positioned Circle arsenic a apical contender among US-listed crypto firms.

Considering this, Ma believes Circle could permanently flip Coinbase’s marketplace worth successful the aboriginal if it tin clasp its existent trajectory.

The station Ark Invest’s Cathie Wood dumps different $110M successful Circle shares amid valuation surge that flipped Robinhood appeared archetypal connected CryptoSlate.