Ark Invest Offloads $44.7M in Circle Shares as GENIUS Act Gains Senate Approval

The GENIUS Act, hailed as a pivotal win for stablecoin issuers and the broader crypto industry, coincided Tuesday with significant profit-taking in Circle Internet Group (CRCL) shares by Cathie Wood’s Ark Invest.

Ark disclosed that it sold a total of 300,108 shares of CRCL across three of its exchange-traded funds, booking proceeds of roughly $44.7 million. This marks the second consecutive day of selling for the firm, following Circle’s rapid share price surge during its early trading days this month.

Circle’s stock closed Tuesday in New York at $149.15, maintaining strong investor momentum despite the sell-off.

The timing of Ark’s move overlapped with the U.S. Senate’s bipartisan passage of the GENIUS Act—a new piece of legislation designed to establish a regulatory framework for stablecoin issuers like Circle. Circle’s CEO, Jeremy Allaire, praised the legislation on social media, calling it a “genius” measure for the industry’s future.

Meanwhile, Ark Invest signaled a pivot toward the semiconductor sector. Investor notices show that as it trimmed its CRCL holdings, Ark increased its exposure to chip designer AMD, viewed by analysts as an undervalued player in the AI space, and Taiwan Semiconductor, the world’s leading chip manufacturer.