Cathie Wood Buys Another $39M Tesla Shares On Dip, Also Adds Bitcoin Plays Square, Coinbase

Cathie Wood-led Ark Investment Management on Wednesday snapped up 69,508 shares, worth about $39.2 million, in Tesla Inc TSLA on the dip.

The New York-based investment firm bought 47,031 shares in Tesla via the Ark Innovation ETF ARKK, the Ark Autonomous Technology & Robotics ETF ARKQ and the Ark Next Generation Internet ETF ARKW.

Tesla shares closed 2.5% lower at $563.46 on Wednesday and were down 1% in after-hours. 

Ark added to its position in Tesla for the second day in a row after a two-week gap during which shares of the electric vehicle company have retreated about 17%.

See Also: Cathie Wood's Ark Loads Up Further On Tesla And Cuts Apple Stake

ARKK has Tesla as its largest holding with nearly $2 billion worth of the electric vehicle maker’s stock that make up for about 10% of the ETF.

Wood’s firm has been bullish on the electric vehicle company but CEO Elon Musk’s opinion on Bitcoin’s energy consumption last week put Ark’s stand at crossroads with that of Tesla.

Ark Funds had in March updated its price target for Tesla to $3,000 per share by 2025.

See Also: Tesla Could Find An Even Bigger Market In India Than China, Says Analyst

The New York-based investment firm also bought 169,230 shares, worth about $38 million, in cryptocurrency exchange Coinbase Global Inc COIN via ARKK and ARKW.

Wood had on Wednesday said she expects Bitcoin (CRYPTO: $BTC) to reach $500,000 per coin. Coinbase shares closed 5.94% lower at $224.80 on Wednesday and were further down 2% in extended hours.

Ark holds about 3.95 million shares in Coinbase, worth about $887.8 million.

See also: How to Invest in Tesla Stock

The investment firm also bought 244,100 shares in payments company Square Inc SQ — another Bitcoin play — estimated to be worth $48.85 million via ARK and ARKK.

Shares of Square closed 1.48% lower at $200.11 on Wednesday and were further down 0.63% in the after-hours trading. 

Some of the other key Ark buys on Wednesday included Palantir Technologies Inc PLTR and Zoom Video Communications Inc ZM and sells included Tencent Holdings TCEHY and Novartis AG NVS.