Circle Breaks Into The Big Leagues As Market Cap Nears Coinbase, Robinhood Despite Cathie Wood Sale

Circle is joining the big leagues as its market capitalization closes on Coinbase and Robinhood, even as Cathie Wood’s Ark Invest reduces its stake in the USDC stablecoin issuer.

Circle’s market cap surged past $63.8 billion yesterday, a nearly 750% increase since its IPO launched less than three weeks ago. Coinbase has a market cap of $78 billion and Robinhood stands at $68 billion

CRCL shares hit an intraday record high near $299 before settling at $263.45, up more than 9% on the day and 865% since launch.

Circle and Coinbase

Cathie Wood Trims Circle Stake, Buys Coinbase, Robinhood

As Circle closes on Robinhood and Coinbase, Cathie Wood-led investment firm Ark Invest is taking profits. The firm sold $109.6 million worth of Circle shares across its multiple ETFs (exchange-traded funds) yesterday following a series of CRCL sales over the last couple of weeks.

Ark Invest at the same time increased its exposure to Coinbase and Robinhood, buying $1.3 million and $24.4 million worth of their shares, respectively.

CRCL Becomes Largest Component Of VanEck Index

Not only is Circle closing on Coinbase, the company’s shares now also have the biggest weighting in the MVIS Global Digital Asset Equity Index (MVDAPP), which was developed by a VanEck subsidiary.

CRCL currently makes up 13% of the index, which was designed to track the performance of the largest and most liquid companies in the crypto space. 

According to VanEck’s head of digital asset research, Matthew Sigel, VanEck’s holdings of CRCL now exceed those of Circle CEO Jeremy Allaire. 

Other shares that are tracked by the index include Coinbase (COIN), Strategy (MSTR), Metaplanet (3350 JP) and Block (XYZ).

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