Strategic Dump: ARK Offloads Circle Shares Worth $146 Million

Cathie Wood’s ARK Invest has significantly reduced its position in Circle (CRCL) after its impressive market debut. On Friday, ARK sold 609,175 shares, generating $146.2 million, just as CRCL stock jumped 20.4% to close at $240.3, up 248% from its $69 IPO price on the New York Stock Exchange.

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In total, ARK sold 1.25 million shares throughout the week, collecting around $243 million. These included $52 million in sales on Monday and $45 million on Tuesday, signaling a deliberate reduction of exposure.

ARK Still One of Circle’s Largest Shareholders

Despite the sales, ARK Invest retains a significant stake, having only sold 29% of its initial 4.49 million shareholding from the IPO. As of June 20, the firm remains the eighth-largest holder of Circle shares, according to Bloomberg Terminal.

The largest holders are currently IDG-Accel China Capital Fund II, General Catalyst, and James Breyer. Meanwhile, CRCL has become the top holding within ARK’s ARKW fund, representing a 7.8% allocation.

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The filings refer to Bitwise’s DOGE ETF and Franklin Templeton’s XRP ETF, respectively. On the same day, Nasdaq also submitted a request to list a 21Shares Dogecoin ETF.

High Market Cap, But Mixed Demand

As of April 29, Dogecoin had a market capitalization of around $26 billion, making it the world’s most traded memecoin. Meanwhile, XRP, the native token of the XRP Ledger, holds a market cap of about $133 billion, according to CoinGecko.

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The SEC is currently reviewing roughly 70 crypto ETF proposals as of April 21. Bloomberg analyst Eric Balchunas noted that the range of proposed funds includes everything from XRP, Litecoin, and Solana to niche tokens like “Penguins” and “2x Melania.”

Analysts: Bitcoin and Ethereum Remain Core

Despite the surge in filings, analysts warn that investor appetite may remain focused on core assets like Bitcoin (BTC) and Ethereum (ETH). As Balchunas put it, “Getting ETF-ized is like getting your music on all streaming platforms — no guarantee of listens, but increases exposure.”

In a comment letter dated April 25, Nasdaq urged the SEC to apply equal regulatory standards to digital assets, especially those that resemble traditional securities.

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According to the filing, the fund’s holdings of Ethereum (ETH) would be staked on the Ethereum network through trusted staking providers. Through this process, the fund aims to generate additional income for its investors by earning staking rewards. Fidelity emphasized that staking will be strictly limited to ETH held by the fund, with complete control remaining with the fund’s appointed custodian.

The Staking Process and Security Measures

As outlined in the filing, following Ethereum’s transition to a proof-of-stake consensus mechanism, validators on the network can earn rewards through staking with lower energy consumption. Fidelity stated that it has implemented comprehensive security measures for the staking process, and staked ETH will be used exclusively on behalf of the fund. The assets will not be pooled with any third-party funds.

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Fidelity’s Vision and Market Implications

With this move, Fidelity plans to deepen its integration into the digital asset ecosystem and provide its investors with opportunities for passive income through staking. Analysts suggest that adding a staking feature to an Ethereum ETF could mark a turning point in the U.S.-based digital asset investment product market. Furthermore, this development could boost institutional interest in Ethereum.

How the SEC responds to this application will not only determine Fidelity’s next steps but could also influence the roadmap for other potential Ethereum ETF issuers in the sector.

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Global crypto funds managed by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares recorded a combined net inflow of $1.9 billion. These robust inflows were attributed to Trump’s crypto-focused executive actions.

What Did Trump’s Crypto Orders Achieve?

On Thursday, President Donald Trump signed an executive order establishing a “Presidential Working Group on Digital Asset Markets” to create a federal regulatory framework for digital assets, including stablecoins, and to evaluate the formation of a “strategic national digital assets stockpile.”

On Tuesday, Trump also issued a full and unconditional pardon for Ross Ulbricht, the Silk Road founder closely tied to Bitcoin’s early history.

These orders boosted investor confidence, resulting in zero net outflows from digital asset investment products last week.

U.S. and Bitcoin-Based Funds Lead

U.S.-based crypto funds led the charge, accounting for $1.7 billion of the weekly net inflows. Digital asset products in Switzerland, Canada, and Germany also attracted net inflows of $35 million, $31 million, and $23 million, respectively.

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Bitcoin (BTC)-based investment products dominated globally, adding $1.6 billion in net inflows last week. Year-to-date, Bitcoin-based funds have accumulated $4.4 billion, representing 92% of all net inflows. U.S. spot Bitcoin ETFs accounted for $1.8 billion of these inflows.

Ethereum and Other Altcoins

Ethereum (ETH) investment products continued their recovery, recording net inflows totaling $205 million. U.S. spot Ethereum ETFs contributed $139.4 million to the total inflows last week.

XRP investment products attracted $18.5 million in inflows, extending their streak to over $500 million since mid-November.

Other notable inflows included Solana (SOL) with $6.9 million, Chainlink (LINK) with $6.6 million, and Polkadot (DOT) with $2.6 million.

Market Movement and Trading Volumes

While price action was relatively flat over the past week, trading volumes remained robust at $25 billion, accounting for 37% of all activity on trusted crypto exchanges.

Despite these strong inflows, the crypto market experienced a sell-off early Monday. Bitcoin dropped below $100,000 after reaching an all-time high of approximately $109,000 on January 20. Liquidations amounted to $850 million, and Bitcoin is now trading at $99,295.

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