ARK Sells $99.5M Tesla Shares And Buys Another $64M Coinbase Shares
Last Updated: 17 April 2021
The ARK funds of Cathie Wood have made some very high-profile purchasing and selling on Friday. The firm’s daily trade summary highlighted that it had sold shares within Tesla, the electric car maker, and bought shares within Coinbase Global Inc, the heavyweight US crypto exchange.
Less Tesla, More Coinbase
The exact details of the purchase are as follows: Friday saw the sale of $99.5 million in Tesla shares, 134,241 in total, during the close of Friday. Even with such a large-scale sale of the electric car marker, it still stands as the biggest position by value when looking at Ark’s major funds. On that same day, Ark bought close to $53 million in Coinbase shares, 187,078 to be exact. Coinbase itself had seen its IPO launch on Nasdaq earlier this week. The company bought these shares at the closing price of that day, set at $342.
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Why Bitcoin is the New Digital Gold and Headed Much Higher
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Cathie Wood, CEO, Ark Innovation Fund
Bitcoin hit an all-time high of $45,000 after CEO
Elon Musk announced in a U.S Securities and Exchange Commission filing last week that Tesla, the electric car company, has “invested $1.5 billion in bitcoin” and will soon start accepting it as payment for its products.
Simon Peters, an expert on cryptocurrencies at eToro, concluded, “If there were any doubters as to the mainstream acceptance of bitcoin, this surely must mark the end of any skepticism. Multiple other brands already accept bitcoin as payment, and we would imagine that, in time, other major companies will follow Tesla’s example.”
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