Key Takeaways
- ARK has made three investments in Tesla so far this month.
- The firm has offloaded over $21 million in crypto-related positions.
- The ARKB Bitcoin ETF commands $6.03 billion in net assets.
Cathie Wood’s firm ARK Invest has made a number of significant trades, and now, the firm is doubling down on Tesla, scaling back its Coinbase position, and offloading some Bitcoin exchange-traded fund (ETF) shares.
The news arrives as Bitcoin’s rally sends crypto markets soaring, providing ample space for ARK to scoop profits.
ARK Invests
On July 15, Cathie Wood’s ARK Invest made some major moves as the markets relished in broad bullish sentiment.
More specifically, the firm doubled its stake in Elon Musk’s Tesla, increasing its holdings by a solid $35.56 million. It marks the third Tesla acquisition this month from the firm, which remains one of its longest-standing backers.
The move comes ahead of Tesla’s earnings report, due July 23.
Additionally, ARK sold a substantial amount of Coinbase (COIN) shares worth $13.47 million following the stock’s historical rally to a $100 billion market cap, buoyed by Bitcoin’s astronomical price gains. Coinbase remains Ark’s second-largest holding at 7.9% behind Robinhood.
The firm also offloaded shares of ARK 21 Shares Bitcoin ETF (ARKB) for $1.38 million following a 3-for-1 stock split in June, which saw ARKB shed $6.2 million in outflows across a $4.4 billion inflow streak for Bitcoin ETFs.
Bitcoin ETF
Despite occasionally seeing some of the largest outflows, which at times have exceeded $200 million, the ARKB Bitcoin ETF has been one of the top performers since launching in January 2024.
As of July 16, ARKB has tallied $2.95 billion in cumulative net inflows, ranking it as the third-best-performing fund under Fidelity and BlackRock.
With $6.03 billion in net assets, it’s the fourth largest amongst competitors.
To date, BTC ETFs have seen $53.86 billion in cumulative total net inflows and command a gigantic $153.76 billion in combined net assets, representing 6.45% of BTC’s market cap.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
