Cathie Wood's Ark Invest Sells Over $48M Worth Of Coinbase Shares Amid Steaming Bitcoin Rally — Seizes The Tesla Dip

In a significant move on Wednesday, Cathie Wood-led Ark Invest made headlines by selling a staggering $48.8 million worth of Coinbase Global Inc COIN shares, even as Bitcoin BTC/USD continues to capture the market’s attention with its recent surge to new highs.

This strategic divestment coincided with the firm’s acquisition of over $11 million in shares of Tesla Inc TSLA, 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.

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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.

See Also: Bitcoin Supply Squeeze: Ark Invest’s Cathie Wood Predicts $1M Bitcoin Price

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 SOFI saw a significant buy, indicating a strong belief in the financial technology company’s growth potential.
• Sea Ltd SE also received a notable investment from Ark, showcasing confidence in the e-commerce and digital entertainment conglomerate.
• The firm’s investment in ROKU Inc ROKU through the purchase of shares across multiple ETFs highlights Ark’s optimistic view on the streaming platform’s market position and growth prospects.

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