Ark Invest’s Cathie Wood Buys Coinbase (COIN), Tesla (TSLA) Dip

Ark Invest CEO Cathie Wood is buying more shares in cryptocurrency exchange Coinbase (COIN) and electric car company Tesla from the downturn. Cathie Wood remains bullish on electric vehicles and cryptocurrencies, especially Bitcoin. Ark Invest founder Cathie Wood recently reiterated that the Bitcoin price could reach $1 million by 2030.

Cathie Wood adds more Coinbase and Tesla shares

Ark Investment Management LLC’s funds including the Ark Innovation ETF bought nearly 75,000 shares of Tesla and about 297,000 shares of Coinbase, reported Bloomberg December 15.

Cathie Wood’s Ark Invest is one of the largest shareholders in crypto exchange Coinbase, with a 4.3% stake as of September. The firm also has a 0.13% stake in Tesla, and the share is one of the top holdings in the main fund Ark Invest.

Cathie Wood continues to buy Coinbase shares after the collapse of Sam Bankman-Fried’s crypto exchange FTX. Cathie Wood is known to have accumulated shares on the decline, buying 420,949 COIN shares on November 8th and 78,982 COIN shares on December 12th.

Coinbase shares fell to $38.69 on Tuesday. COIN price jumps almost 4% on Wednesday to $40.19.

Tesla shares fell below $160 amid concerns about a potential recession, a hawkish Federal Reserve and founder Elon Musk continuing to reduce his stake in the electric carmaker.

Bullish on Bitcoin

Cathie Wood Cleared Her Perspective on Bitcoin Price Prediction. Wood claimed that she is going to keep the Bitcoin forecast of reaching $1 million per coin by 2030.

She believes institutional investors may return to accumulate Bitcoin and Ethereum. When institutional investors take time off and do entry-level analysis, they will confidently buy Bitcoin. Moreover, she highlighted that the crypto market will recover despite the FTX collapse.

Bitcoin and Ethereum prices jumped above $18K and $1.35K on Wednesday in anticipation of a 50 bps interest rate hike by the US Federal Reserve. However, prices are falling after Chairman Jerome Powell hints at continued rate hikes and inflationary conditions in the market.

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge of Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and currently covers all the latest updates and developments in the crypto industry.

The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.

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