Cathie Wood's Ark Invest Acquires Over $25.5 Million Worth Of Tesla Shares — Sells Coinbase And Robinhood Stock A Day After Bitcoin Spot ETF Approval

On Thursday, Cathie Wood-led Ark Invest made a significant move in the stock market, purchasing $25.55 million worth of shares in Tesla Inc (NASDAQ:TSLA). This trade comes amidst a period of heightened interest in Tesla, as Ark Invest continues to show confidence in the electric vehicle giant’s long-term potential.

The Tesla Trade
Ark Invest’s acquisition of Tesla shares aligns with Cathie Wood’s long-standing belief in the company’s future. This purchase, amounting to 112,475 shares, through the flagship ARK Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW), represents a substantial investment in Tesla, a company that Wood has previously identified as a top AI play for the next five years. Tesla shares closed 2.87% lower at $227.22 on Thursday.

The Coinbase Trade
In a contrasting move, Ark Invest sold 31,281 shares of Coinbase Global Inc (NASDAQ:COIN) through ARKK and ARKW. The transaction was valued at $4.41 million. On Thursday, Coinbase shares closed 6.7% lower at $141.16. This decision comes a day after the U.S. Securities and Exchange Commission approved a plethora of Bitcoin (CRYPTO: BTC) spot ETFs, including one from Ark Invest.

Wood expressed her surprise at the approval of the ETFs and also commented on SEC Chair Gary Gensler’s neutral stance on cryptocurrencies. She said it was like “the old DNA basically bashing the new DNA.”

The Robinhood Trade
Similarly, Ark Invest reduced its position in Robinhood Markets Inc (NASDAQ:HOOD) by selling $4.28 million worth of stock. The Wood-led company sold 365,430 shares of the trading platform through ARKK and ARKW on Thursday. For the day, Robinhood shares closed 3.54% lower at $11.71. This move is part of a broader trend of Ark divesting from companies in the volatile cryptocurrency sector.

Other Key Trades:

• Ark Invest also increased its stake in Unity Software Inc (NYSE:U), buying shares across multiple funds.
• The firm sold a significant portion of its holdings in Exact Sciences Corp (NASDAQ:EXAS), reducing its exposure in the healthcare sector.
• Notably, Ark offloaded shares in UiPath Inc (NYSE:PATH), a move reflecting a shift in its investment strategy.

See Also: Cathie Wood Reveals How Much Bitcoin She Owns Personally For First Time

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