In a significant move on Wednesday, Cathie Wood-led Ark Invest made headlines by selling a staggering $48.8 million worth of Coinbase Global shares, even as Bitcoin continues to capture the market’s attentionwith its recent surge to new highs.
This strategic divestment coincided with the firm’s acquisition of over $11 million in shares of Tesla Inc, marking a pivotal day of trading for the investment firm.
The Coinbase Trade
The firm offloaded 204,469 shares of Coinbase across ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF), netting over $48 million in the transaction. Monday saw a 10.05% surge in Coinbase shares, which closed at $238.55.
Ark Invest’s decision to offload a substantial portion of its Coinbase holdings comes at a time when the cryptocurrency market, particularly Bitcoin, is experiencing unprecedented attention.
Ark has been offloading Coinbase shares at a fast clip even as Bitcoin and cryptocurrencies are in the spotlight. On Wednesday, the firm had offloaded $24 million worth of Coinbase shares. At the beginning of the week, on Monday, the Wood-led firm sold $31 million worth of stock.
These moves came at a time when the exchange has struggled with recent outages amid increased traffic as Bitcoin rallied.
The Tesla Trade
On the same day, Ark Invest demonstrated its continued confidence in Tesla Inc. by purchasing over $11 million worth of shares, a move that aligns with Cathie Wood’s bullish outlook on the electric vehicle giant.
Ark purchased 63,355 shares of Tesla through ARKK, ARK Autonomous Technology & Robotics ETF (ARKQ), and AKRW. For the day, Tesla shares closed 2.3% lower at $176.55.
This investment decision reflects Ark’s belief in Tesla’s long-term growth trajectory, particularly in the context of the evolving automotive landscape. As detailed in a recent Benzinga article, Wood has been vocal about Tesla’s potential to revolutionize the industry with its advancements in autonomous driving and robotaxi services. This latest acquisition of Tesla shares underscores Ark’s strategy to capitalize on disruptive technologies and companies poised for significant future growth.
Other Key Trades:
SOFI Technologies Inc saw a significant buy, with Ark adding 76820 shares, indicating a strong belief in the financial technology company’s growth potential.
Sea Ltd also received a notable investment from Ark, with 16534 shares bought, showcasing confidence in the e-commerce and digital entertainment conglomerate.
The firm’s investment in ROKU Inc through the purchase of 2575 shares highlights Ark’s optimistic view on the streaming platform’s market position and growth prospects.
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