With the arrival of the stablecoin issuer’s recently arrived IPO, Ark Invest has offloaded its stake in Coinbase, Robinhood, and others in order to purchase $373 million worth of Circle shares. Indeed, the move comes as the USDC stablecoin issuer made its New York Stock Exchange debut on Thursday.

The development shows the potential upside that Circle has shown relative to some of the biggest names in the industry. Indeed, Ark Invest also lessened its position in its own Bitcoin ETF in order to rebalance its books. Altogether, it reinforces that the USDC company could be set to surge in value over the coming months.

Also Read: Circle IPO Priced at $31: $1.05B USDC Issuer Debuts on NYSE

Ark Invest Lessens Position in Coinbase & Robinhood, Opts for Circle

Ark Invest has long been one of the biggest supporters and believers in the cryptocurrency sector. Just a month ago, the firm projected that Bitcoin would surge to a $2.4 million price over the next five years. Moreover, it has continued to be a major investor in some of the most prominent companies that the sector has to offer.

That is something that continued with the landmark development taking place Thursday. However, it required some rebalancing of the company’s fund weightings that show an interesting trend. Specifically, Ark Invest lessened its position in both Coinbase and Robinhood to make room for $373 million worth of Circle shares.

Also Read: BlackRock Planning to Acquire 10% of Circle IPO Shares

Overall, the company purchased 4,486,560 Circle shares for its Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF) funds. The accumulation was a clear reason for Circle’s 200% surge in its stock value over the course of its very first trading day.

The stock closed Thursday up a remarkable 168%. Indeed, the listing is the culmination of a long and highly anticipated IPO filing. Moreover, it came despite ongoing rumblings that the USDC stablecoin issuer was in talks to sell to either Coinbase or Ripple. Now, that looks to be the smartest move the company could have made.