ARK Invest has trimmed its exposure to Circle (CRCL) once again, offloading another substantial block of shares just two weeks after the stablecoin issuer’s record-breaking public debut.

The largest sell-off came from ARK’s flagship ARK Innovation ETF (ARKK), which shed 490,549 shares, representing around 1.8% of the fund’s portfolio. Meanwhile, the ARK Next Generation Internet ETF (ARKW) sold 75,018 shares, and the ARK Fintech Innovation ETF (ARKF) divested 43,608 shares. Altogether, these transactions amounted to approximately $146.3 million, based on Circle’s closing price of $240.28 on June 20.

This marks the third—and biggest—round of Circle share sales by ARK since the company’s IPO. Earlier tranches saw ARK selling off $50 million and $44.7 million worth of stock.

The divestment follows a remarkable rally in Circle’s shares, which launched at $31 on June 5 and skyrocketed to $240 by Friday’s close—a staggering gain exceeding 670% in just over two weeks. According to Fortune, this IPO ranks as the most explosive debut for any U.S. company raising $500 million or more since 1980.

Investors have been drawn to Circle’s potential amid favorable regulatory developments, including the Senate’s recent passage of the GENIUS Act, aimed at establishing clearer rules for the stablecoin industry.

While reducing its Circle stake, ARK has rotated capital into other sectors. Across its various ETFs, the firm added positions in chipmaker AMD, e-commerce giant Shopify, and Taiwan Semiconductor Manufacturing Company (TSMC).

Circle, meanwhile, remains a dominant player in crypto infrastructure. Its USDC stablecoin is the second-largest in circulation, boasting a market cap of $61.26 billion. Tether’s USDT retains the top spot with $155.88 billion in supply.

Momentum for USDC continues to build. Coinbase Derivatives recently announced plans to collaborate with Nodal Clear to integrate USDC as collateral in regulated U.S. futures markets. Separately, Shopify has begun supporting USDC payments via the Base blockchain.