Cathie Wood’s Ark Invest Sells Coinbase Shares, Buys Tesla
On January 2, Cathie Wood’s Ark Invest sold a total of 166,183 Coinbase shares worth over $25.3 million. The ARK Innovation ETF (ARKK) sold 145,048 Coinbase shares, while the ARK Next Generation Internet ETF (ARKW) offloaded 21,135 COIN shares. This comes as the price of Coinbase (COIN) continues to drop, closing at $152.24 on Wednesday.
Additionally, on January 2, Ark Invest sold 3,360 Coinbase shares worth over $580K and 23,606 Robinhood shares worth nearly $300K. It appears that Cathie Wood is bearish on Bitcoin and crypto shares due to the anticipated approval of spot Bitcoin ETFs by the SEC on January 10.
Cathie Wood Purchases Tesla Shares
In contrast to the sale of Coinbase shares, Ark Invest funds bought a total of 105,201 Tesla (TSLA) shares worth nearly $25.3 million. The ARK Innovation ETF sold 91,194 Tesla shares, while the ARK Next Generation Internet ETF offloaded 14,007 TSLA shares. The price of Tesla closed at $238.45 on Wednesday.
Hot Take: Ark Invest Shifts Investments Amid Crypto Market Turmoil
Ark Invest founder Cathie Wood has once again made significant changes to her firm’s investment portfolio. This time, Wood decided to sell millions of dollars’ worth of Coinbase shares as the crypto market experiences a downturn. However, she remains bullish on Elon Musk’s Tesla and has increased her holdings in the company by purchasing millions of dollars’ worth of its shares.
By
By
By
By
