Crypto News: Ark Invest Sells $45M in Circle Shares After GENIUS Act Passes in Senate

Key Takeaways:Ark Invest offloads 300,108 shares of Circle Internet Group (CRCL), worth $44.7 million.Sale follows U.S. Senate’s bipartisan approval of the GENIUS Act, seen as a win for stablecoins.Ark reallocates funds into AMD and Taiwan Semiconductor.Ark Invest, led by Cathie Wood, sold $44.7 million worth of Circle (CRCL) shares on Tuesday, just as the U.S. Senate passed the GENIUS Act, a landmark bill regulating stablecoin issuers like Circle.The firm sold 300,108 CRCL shares across three of its ETFs, taking profits after the stock’s recent post-IPO rally. CRCL closed at $149.15 in New York, maintaining momentum since its debut earlier this month.Regulatory win for CircleThe GENIUS Act, hailed by Circle CEO Jeremy Allaire as a "genius" move, provides a regulatory framework for U.S.-based stablecoin issuers — a development widely viewed as bullish for Circle and the broader crypto sector.Despite the favorable legislation, Ark reduced exposure to CRCL for a second day in a row, signaling a potential rotation strategy.Ark shifts into AI and chipsAs part of the reallocation, Ark boosted its holdings in:AMD, after the chipmaker's new AI roadmap sparked fresh investor interest.Taiwan Semiconductor (TSMC), the leading global chip manufacturer.