Ark Invest Continues to Diversify Crypto Portfolio: Sells Circle Shares, Buys Robinhood and Coinbase

Investment firm Ark Invest, led by Cathie Wood, has continued to take profits from its bet on Circle's meteoric rise as a listed firm. The company has sold an additional 415,855 shares of Circle across its various ETFS, valued at $109.6 million based on the stablecoin operator's last close of $263.45 on Monday.

This is not the first time Ark Invest has sold shares of Circle. Last week, the investment company sold 609,175 shares of Circle. It had earlier sold Circle shares in two more tranches.

Circle, which operates the second largest stablecoin USDC, was listed in the U.S. earlier this month. Since then, Circle has jumped 7.5 times from its IPO price of $31. Ark Invest quickly scooped up shares of Circle and has been reaping in the profits since then.

In addition to selling shares of Circle, Ark Invest also bought 4,198 shares of Coinbase, worth $1.3 million and 319,640 shares of Robinhood, worth $24.4 million.

The investment firm's decision to sell shares of Circle is not surprising given the rapid rise of the company since its IPO. However, it is worth noting that Ark Invest has been a long-term supporter of the cryptocurrency and blockchain industry, and its continued investment in Coinbase and Robinhood suggests that it remains bullish on the sector.

It will be interesting to see how Ark Invest continues to navigate the volatile cryptocurrency market and whether it will continue to take profits from its investments in the sector.