ARK Invest, led by Cathie Wood, has sold another $44.76 million worth of shares in Circle Internet Group Inc. (CRCL). This came just a day after the company sold $51.7 million worth of the stock.

The latest sale involved three of ARK’s exchange-traded funds (ETFs). The ARK Innovation ETF (ARKK) sold 208,654 shares of Circle. Meanwhile, the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF) offloaded 65,320 and 26,134 shares, respectively.

Circle Holds Strong in ARK Funds

Despite the recent sell-offs, CRCL remains a top holding across all three ARK funds. ARKK, which manages over $5 billion in assets, still holds the largest stake valued at $371 million, accounting for about 6.13% of its portfolio.

ARKW holds Circle shares worth $115 million, or 6.05% of its assets, which is just behind its position in Roblox (RBLX), at 6.33%. ARKF, the smallest of the three by assets under management, holds $68.6 million in Circle shares, accounting for approximately 6.16% of its portfolio.

ARK’s involvement with Circle began early. Before the company went public, ARK expressed plans to purchase up to $150 million shares. It later increased its position as Circle raised the size of its IPO to meet high demand.

CRCL debuted on the New York Stock Exchange on June 5, opening at $31 per share. The stock surged to over $163 by June 17, before pulling back slightly to $153, according to Yahoo Finance data. Even after the correction, it remains 390% far above its IPO base price of $31.

Why ARK Still Believes in Circle

While ARK has trimmed its exposure, its research team remains optimistic about Circle’s broader role in the financial system.

In a recent report, ARK analysts called Circle’s IPO a sign of growing institutional confidence in stablecoins. They said the rising demand reflects broader acceptance of these blockchain-based assets.

ARK noted that companies like Circle and Tether are helping make U.S. dollars more accessible in regions with weak currencies or limited banking access. By utilizing blockchain networks, these firms facilitate faster and more cost-effective cross-border transfers.