Ark Invest Sells $25M Coinbase Shares To Buy Elon Musk’s Tesla (TSLA), Cathie Wood Still Bearish

Asset management firm Ark Invest founded by Cathie Wood has offloaded Coinbase (COIN) shares worth millions again amid a crypto market bloodbath on Wednesday. Meanwhile, Cathie Wood’s Ark Invest funds have purchased Elon Musk’s Tesla (TSLA) shares, increasing its holdings as the stock price fell over 4%.

Cathie Wood’s Ark Invest Sells Coinbase, Buy Tesla

On Jan 3, Cathie Wood’s Ark Invest sold a total of 166,183 Coinbase shares worth over $25.3 million, as per trades seen by CoinGape.

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

Coinbase (COIN) price closed 2.96% lower at $152.24 on Wednesday. However, it gained momentum on Thursday and is trading at $158.42 at press time. But the stock remains far from its recent high of $187.39.

On Jan 2, Cathie Wood’s Ark Invest sold a total of 3,360 Coinbase shares worth over $580K and 23,606 Robinhood shares worth nearly $300K.

CoinGape reported last week that Cathie Wood seems to be bearish on Bitcoin and crypto shares as the SEC is likely to approve spot Bitcoin ETFs as of January 10, considering it as a ‘sell the news’ event. Moreover, Ark Invest funds will look to continue to offload COIN shares worth millions this month as part of its active fund management strategy, extending its selloff run of the last year.

Also Read: Over 200K Bitcoins Worth $9 Bln On Move Causes Panic, What’s Happening?

Cathie Wood Buys Tesla Shares

Ark Invest funds purchased a total of 105,201 Tesla (TSLA) shares worth nearly $25.3 million, which seems to be funded from Coinbase shares selloff.

ARK Innovation ETF (ARKK) buys 91,194 Tesla shares and ARK Next Generation Internet ETF (ARKW) buys 14,007 TSLA shares.

TSLA price closed at $238.45 on Wednesday, down 4.01%. At press time on Thursday, the stock is trading 0.89% higher  at $240.

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