On Wednesday, Cathie Wood-led Ark Invest made a significant move in the stock market, notably increasing its stake in Tesla Inc (NASDAQ:TSLA). This decision aligns with Wood’s long-standing confidence in Tesla’s potential as a leading tech innovator, as highlighted in recent Benzinga reports.
The Tesla Trade
On Wednesday, Ark Invest purchased a total of 111,387 shares of the Elon Musk-led electric vehicle company. The purchase was made through its flagship ARK Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW). For the day, Tesla shares closed 3.92% lower at $247.14.
Ark Invest’s acquisition of Tesla shares reflects Wood’s strategic vision for the electric vehicle giant. She envisions Tesla as a top player in artificial intelligence over the next five years, as detailed in a recent Benzinga article. This investment decision comes amidst a dynamic market environment.
See Also: Cathie Wood, Elon Musk To Talk AI, Space, And More On X Spaces This Week
The Coinbase Trade
Ark sold 149,780 shares of Coinbase through ARKK and ARKW, a platform that allows users to trade in cryptocurrencies such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). Coinbase shares closed 0.43% higher at $161.86.
This decision aligns with Wood’s recent strategy amidst the ongoing crypto market volatility, as Ark Invest looks to adjust its portfolio in response to the changing landscape, a scenario explored in a Benzinga report.
The Grayscale Bitcoin Trust Trade
Additionally, Ark Invest offloaded 398,383 shares of Grayscale Bitcoin Trust (OTC:GBTC) from its ARKW fund. This move is indicative of Wood’s strategic shift in the face of potential regulatory changes affecting Bitcoin ETFs, potentially diminishing Grayscale’s competitive edge, as discussed in a recent analysis by Benzinga.
The Meta Platforms Trade
Ark Invest bought 16,271 shares of META Platforms Inc (NASDAQ:META) worth $5.7 million, reinforcing its focus on major tech companies. The purchase was made through Ark Fintech Innovation ETF (NYSE:ARKF). Notably, Wood had loaded up on $12 million worth of Meta shares on Dec. 12. The earlier report noted that Meta stands to benefit from recovery in ad spending and its exposure to artificial intelligence.
Other Key Trades:
The firm also increased its holdings in Zoom Video…
Click Here to Read the Full Original Article at Cryptocurrencies Feed…
