On Wednesday, Cathie Wood-led Ark Invest made a significant move in the stock market, purchasing nearly $25 million worth of Tesla Inc TSLA shares. On the same day, Ark also sold almost a similar amount of Coinbase Global Inc.’s COIN shares.
The Tesla Trade
Ark purchased 2,508,5178 Tesla shares through its flagship ARK Innovation ETF ARKK and ARK Next Generation Internet ETF ARKW. The transaction was valued at $25.08 million. On Wednesday, Tesla shares closed 4.01% lower at $238.45.
This trade comes amidst a backdrop of Ark Invest’s strong belief in Tesla’s potential, particularly in the realms of artificial intelligence and its upcoming Cybertruck, as highlighted in recent Benzinga reports.
Ark Invest’s acquisition of Tesla shares aligns with their long-term confidence in the company, especially considering Elon Musk‘s vision for AI and Tesla’s data advantages over traditional automakers. This move reflects Ark’s strategy of investing in disruptive innovation, a stance further reinforced by their recent comments on Tesla’s Cybertruck being a “marketing machine” and their praise for Tesla’s “robot army.” For more insights, refer to the detailed analysis of Tesla’s market potential and AI capabilities.
See Also: Cathie Wood, Elon Musk To Talk AI, Space, And More On X Spaces This Week
The Coinbase Trade
Ark Invest also adjusted its position in the cryptocurrency trading platform Coinbase. The Wood-led company sold $25.03 million worth of Coinbase stock through ARKK and AKRW. Coinbase shares closed 2.96% lower at $152.24 on Wednesday.
Ark’s move comes the same day when the largest cryptocurrency by market capitalization, Bitcoin BTC/USD plummeted on a report from Matrixport, which suggested that the Securities and Exchange Commission is likely to reject Bitcoin Spot ETFs in January. At the time of publishing, Bitcoin traded 5.3% lower at $42,929.81.
Other Key Trades:
- Additionally, investments were made in Rocket Lab USA Inc RKLB, further diversifying Ark’s focus on innovative technologies through ARK Autonomous Technology & Robotics ETF ARKQ.
Photo Courtesy: ArkInvest
Read Next: Cathie Wood’s Ark Invest Purchases Nearly $17M Worth Of Roku Shares, Sells Coinbase, Robinhood
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