On its daily trade summary, Cathie Wood’s ARK Funds revealed that it had bought additional shares of cryptocurrency exchange giant Coinbase Global Inc. It has also confirmed the selling of its shares in electric car maker Tesla.
The firm acquired 187,078 Coinbase shares for $342, fetching a total value of nearly $64 million. On the other hand, it made nearly $100 million in selling 134,541 of its Tesla shares. The move could easily result in a gain of more or less $31 million.
Even with the additional purchase of digital currency shares, Tesla still remains the firm’s top gun in terms of value in its major funds.
More Exposure to Cryptocurrencies
Last Wednesday, ARK brought 749,205 shares of Coinbase and added 341,186 shares the following day. That brings the firm’s total to almost 1.3 million Coinbase shares owned.
ARK’s acquisition gives its indirect exposure to cryptocurrencies a huge boost, in addition to having Tesla as its biggest bet. The electric vehicle builder invested in Bitcoin (BTC) recently, and it announced the acceptance of the digital currency as a means of payment for its cars.
Whether it’s part of marketing strategy or not still remains to be revealed by the firm.
Perfect Timing of Acquiring Shares
Coinbase made a huge splash on the market last Wednesday when it launched its Initial Public Offering and finally got listed.
The move of the crypto market giant was huge in that it sent shockwaves on a positive way down to even less popular cryptocurrencies.
With its decision to go public, even days before it was actually carried out, the anticipation grew, and it caused such frenzy to the market. ARK did not miss out on this opportunity, as evidenced by its share acquisition on the same day Coinbase got publicly listed.
Image courtesy of ARK Invest/YouTube