Cathie Wood Bullish On Bitcoin, Investing Heavily In Coinbase And Tesla

Cathie Wood’s investment management firm Ark Invest purchased an additional 74,792 shares of crypto exchange Coinbase (COIN), the company said on Thursday. Ark Invest also added 99,523 shares of Tesla (TSLA).

Cathie Wood has been actively buying COIN and TSLA shares in the last few weeks, pushing the shares to rise higher despite uncertainty in the global markets.

ARK Invest Buys Coinbase and Tesla Shares

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.

Considering a recovery in the global market, ARK Invest is actively buying Coinbase, Tesla, and other shares showing signs of recovery. Ark Invest purchased 74,792 shares of Coinbase (COIN) and 99,523 shares of Tesla (TSLA) on January 11.

This marks the fourth purchase of Coinbase shares by Ark Invest since the start of the year. Thus, the company has added 280,824 shares of Coinbase in total, with 108,548 shares for the ARKK fund. As reported earlier, Ark Invest purchased 628,164 shares of Coinbase in 10 transactions in December.

Furthermore, Cathie Wood’s ARK Invest purchased 475,522 shares of Tesla since the start of the year. It added 343,742 shares specifically to the ARKK fund. In December, ARK Invest purchased 254,992 shares of Tesla in 13 transactions.

Coinbase (COIN) shares are trading at 43.79, up 26% in a week. Whereas, Tesla (TSLA) shares closed at 123.22 on Wednesday, up 12% in a week.

Also Read: Coinbase CEO Brian Armstrong Announces 20% Additional Layoff

Crypto Market Starts 2023 on a Positive Note

The crypto market recovery in the last 24 hours indicates a positive start to 2023. Bitcoin (BTC) price jumped 5%, with the current price trading at $18,200. Meanwhile, Ethereum (ETH) price soared 7%, hitting a high of $1,408.

Crypto analyst Michael van de Poppe predicted a continuous upside move in the market for the next 3 months. Traders’ sentiment has turned positive amid the recovery in the broader crypto market.

Also Read: Bitcoin Futures ETF Launched Amid Crypto Market Recovery