Selling $25 Million in Coinbase Shares to Purchase Elon Musk’s Tesla, Ark Invest Remains Pessimistic

Published on:

Last Updated on January 4, 2024 by Bitfinsider

Amidst a brutal week for the cryptocurrency market, Cathie Wood’s asset management company Ark Invest sold millions of Coinbase (COIN) shares on Wednesday. As the stock price dropped by more than 4%, Cathie Wood’s Ark Invest funds increased their holdings of Tesla (TSLA) by acquiring shares from Elon Musk.

According to deals from sources, Cathie Wood’s Ark Invest sold 166,183 Coinbase shares for a total value of about $25.3 million on January 2.

21,135 COIN shares were offloaded by ARK Next Generation Internet ETF (ARKW), while 145,048 Coinbase shares were sold by ARK Innovation ETF (ARKK).

The price of Coinbase (COIN), which is still declining from a recent high of $187.39, finished 2.96% down on Wednesday at $152.24. On Thursday, the price is increasing by 1.48% during pre-market trading.

On January 2, 23,606 Robinhood shares, valued at around $300,000, and 3,360 Coinbase shares, valued at over $580K, were sold by Cathie Wood’s Ark Invest.

Cathie Wood appears to be bearish on Bitcoin and cryptocurrency shares, according to analysis. She views the SEC’s expected approval of spot Bitcoin ETFs on January 10 as a reason to “sell the news.” In addition, Ark Invest funds want to prolong their selloff run from the previous year by continuing to unload COIN shares valued at millions of dollars this month as part of their aggressive fund management approach.

A total of 105,201 Tesla (TSLA) shares were bought by Ark Invest funds for around $25.3 million; the funds appear to have come from the selloff of Coinbase shares.

14,007 Tesla shares were offloaded by ARK Next Generation Internet ETF (ARKW), while 91,194 Tesla shares were sold by ARK Innovation ETF (ARKK).

On Wednesday, the price of TSLA closed at $238.45, down 4.01%. Pre-market trade on Thursday saw a 0.85% increase in price.

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.