Bitcoin News

Ark Invest Sells Coinbase As Cathie Wood Talks Bitcoin, Tesla, AI With Elon Musk

Ark Invest CEO Cathie Wood discussed AI, Tesla, and Bitcoin with Elon Musk while Ark Invest funds offloaded addition Coinbase shares.
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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.

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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

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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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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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