NewsletterArk Invest’s Cathie Wood Buys Coinbase (COIN), Tesla (TSLA) Dip
Ark Invest’s CEO Cathie Wood buys more shares of cryptocurrency exchange Coinbase (COIN) and electric vehicles firm Tesla from the dip. Cathie Wood remains bullish on electric vehicles and cryptocurrencies, especially Bitcoin. Ark Invest founder Cathie Wood recently reiterated that Bitcoin price could hit $1 million by 2030.
Cathie Wood Adds More Coinbase and Tesla Shares
Ark Investment Management LLC’s funds including Ark Innovation ETF purchased nearly 75,000 shares of Tesla and about 297,000 shares of Coinbase, reported Bloomberg on December 15.
Cathie Wood’s Ark Invest is one of the largest shareholders of crypto exchange Coinbase, with a 4.3% stake as of September. The firm also holds a 0.13% stake in Tesla, with the stock being one of the top holdings in the main Ark Invest fund.
Cathie Wood continues to buy Coinbase shares following the collapse of Sam Bankman-Fried’s crypto exchange FTX. Known for accumulating shares at the dip, Cathie Wood purchased 420,949 COIN shares on November 8 and 78,982 COIN shares on December 12.
Coinbase share price on Tuesday fell to $38.69. The COIN price jumps nearly 4% on Wednesday to $40.19.
Tesla share prices fell below $160 amid concerns of a potential recession, a hawkish Federal Reserve, and founder Elon Musk continues to reduce his stake in the EV maker.
Bullish On Bitcoin
Cathie Wood cleared her perspective on Bitcoin price prediction. Wood asserted that She is going to hold her Bitcoin forecast of hitting $1 million per coin by 2030.
She believes institutional investors could turn back in accumulating Bitcoin and Ethereum. Once institutional investors take their time off and do analysis on entry levels, they will be confidently buying Bitcoin. Moreover, she highlighted that the crypto market will recover despite the FTX collapse.
Bitcoin and Ethereum prices jumped above $18K and $1.35K on Wednesday in anticipation of a 50 bps rate hike by the U.S. Federal Reserve. However, the prices slide after Chair Jerome Powell hints at continuing rate hikes and inflationary conditions in the market.
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