ArkInvest sells $51.7 million in stock as Circle hits all-time high

Ark Invest sells $51.7 million in Circle stock as the company's stock hits an all-time high
The Block reported on the 16th (local time) that Ark Invest has acquired Circle Internet Group, a company worth approximately $51.7 million.
The ARK Innovation ETF (ARK Innovation) is a non-profit organization that invests in companies, businesses, and individuals, which has invested in companies, including the ARK Innovation Group, Inc., and the ARK Innovation Fund (ARK Innovation).
Circle (K) sold 196,367 shares on the day, Ark Next Generation Internet ETF (ARKW) sold 92,310 shares, and Ark Fintech Innovation ETF (ARKW) sold 10,000 shares.
Circle shares trade under the ticker CRCL and rose to $165.6 during the day before dropping to $1.28.
The stock gave back some of its gains before closing at $151.06, up 13.1%, nearly five times its IPO price of $31 and the latest move by Yahoo Finance.
The sale comes shortly after Ark Invest listed on the New York Stock Exchange earlier this month for a total of $373.4 million.
This appears to be a correction made after the company purchased Circle shares from Huawei, which had previously attracted a lot of market attention with its successful IPO worth $1.1 billion.