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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. 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 ...

Robinhood is reporting $26 billion worth of cryptocurrencies under the platform’s custody in Q1 2024. Revenue for Robinhood from crypto grew over 230% from last year. JUST IN: Robinhood reports $26 billion worth of cryptocurrencies under custody in Q1 2024. — Watcher.Guru (@WatcherGuru) May 8, 2024 Robinhood held just over $14B in crypto assets in the final quarter of 2023. The jump to the end of March is a 78% jump from the end of 2023. “Transaction-based revenues increased 59% year-over-year to $329 million, primarily driven by cryptocurrencies revenue of $126 million, up 232%,” according to Robinhood’s Q1 Results exhibit. The Robinhood earnings report came after the online broker disclosed it had received a Wells Notice over crypto trading on its trading platform Monday. Source: FInbold Also Read: Robinhood Poised for Legal Victory Against SEC in Crypto Case: Analysts Improved market conditions have benefitted Robinhood as well a...

Cathie Wood’s Ark Invest Offloads Coinbase and Robinhood Cathie Wood’s Ark Invest continues to offload Coinbase shares since the COIN stock price jumped over $100, reaching almost a 52-week high. While the selling spree has slowed, Ark Invest’s ARK Next Generation Internet ETF offloading its Coinbase holdings. advertisement On July 31, Cathie Wood’s Ark Invest fund ARK Next Generation Internet ETF (ARKW) sold 1,055 Coinbase shares worth $105k, according to transactions seen by CoinGape. Coinbase will announce the second quarter financial results on August 3. Last quarter, Coinbase ’s revenue dipped due to a significant drop in trading volumes amid crypto regulatory crackdowns in the US. While sentiment for Bitcoin price rally remains positive, Ark Invest considering the impact of the US SEC v Coinbase  lawsuit. COIN stock price closed 4% higher at $98.61 on Monday, but fell 3.17% to $95.48 in pre-market hours on A...