Ark Invest Sells Coinbase As Cathie Wood Talks Bitcoin, Tesla, AI With Elon Musk
Cathie Wood’s asset management firm Ark Invest sold another batch of Coinbase shares as COIN price jumped another 52-week high on Thursday. Moreover, Ark Invest CEO Cathie Wood discussed artificial intelligence (AI), Tesla, Bitcoin, and other topics with billionaire investor and Tesla CEO Elon Musk on a X Spaces.
Bitcoin Bull Cathie Wood’s Ark Invest Coinbase Shares Selloff
On December 21, Cathie Wood’s Ark Invest sold a total of 80,118 Coinbase (COIN) shares worth over $13 million, as per transactions seen by CoinGape.
ARK Innovation ETF (ARKK) sold 68,769 Coinbase shares and ARK Next Generation Internet ETF (ARKW) offloaded 11,349 COIN stocks.
The move comes as Coinbase (COIN) price hit another 52-week high of $170.17. COIN price closed 3.81% higher at $168.03 on Thursday. The stock market rallied as the Fed looks to make three cuts next year. Moreover, crypto stocks’ prices are moving higher amid anticipation of a spot Bitcoin ETF approval in early January and bullish sentiment on the crypto market.
On December 20, Cathie Wood’s Ark Invest sold 149,780 Coinbase (COIN) shares worth approx $25 million.
Also Read: Elon Musk’s SEC Tussle Reaches New Heights As Supreme Court Weighs In
Cathie Wood and Elon Musk Discussion
Investors awaited Cathie Wood’s discussion with Elon Musk as they set to talk on several crucial topics including OpenAI, artificial intelligence (AI), Tesla, and Bitcoin.
A day before the X Spaces, Ark Invest purchased Elon Musk’s electric vehicle Tesla (TSLA) shares, the first time in 8 months. ARK Innovation ETF (ARKK) bought 93,965 TSLA shares and ARK Next Generation Internet ETF (ARKW) purchased 17,422 TSLA shares.
Cathie Wood remains bullish on Bitcoin and bitcoin mining, and talked about the economic and financial potential of Bitcoin. Wood reaffirmed Bitcoin as a new rules-based global monetary system after gold.
Elon Musk said “I don’t spend a lot of time thinking about cryptocurrency. Hardly any. Hardly any at all.” However, he looks at Bitcoin as database for resource allocation, more than money. Musk added that fiat currency is fine as long as it doesn’t deflate much and the government doesn’t abuse their privilege to create more money.
Also Read: US PCE Inflation – Here’s Why Bitcoin & Crypto Market Rising Today Ahead Key Data
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