Ark Invest’s Bold Moves: Tesla Shares Surge As Bitcoin ETF Anticipation Grows

By Shahnawaz Alam

December 27, 2023

Tesla Shares Surge As Bitcoin ETF Anticipation Grows

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In a strategic investment move, Ark Invest, led by Cathie Wood, is doubling down on Tesla, acquiring a significant 111,000 shares. This comes amid Elon Musk’s acknowledgment of a heightened interest in a spot Bitcoin ETF, although he maintains a relatively disengaged stance on cryptocurrencies.

Wood, a long-standing supporter of Musk’s electric vehicle empire, made the decisive move on December 20th. The flagship Ark Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW) followed suit, purchasing 93,965 and 17,422 Tesla shares, respectively.

This investment surge follows Wood’s October decision to trim Tesla holdings, selling around $63.3 million worth of shares. Notably, Coinbase and Tesla remain the top two holdings in ARKK’s portfolio.

In a recent live forum on X (formerly Twitter), Wood and Musk delved into various topics, from Musk’s vision for X to discussions on artificial intelligence, index funds, and Bitcoin. Musk, when asked about Bitcoin’s impact on the financial system, expressed a rather nonchalant view, stating he doesn’t spend much time contemplating cryptocurrencies.

Looking ahead, Wood is gearing up for the launch of the first spot Bitcoin ETF, with an anticipated decision from the Securities and Exchange Commission (SEC) by January 10th. Wood remains notably bullish on cryptocurrency, projecting substantial market growth for Bitcoin and Ethereum by 2030.

Ark Invest’s spot Bitcoin ETF proposal stands out among numerous SEC applications, positioning the firm ahead of industry giants like BlackRock Inc. and Fidelity Investments. The fund’s management fee, recently unveiled at 0.80%, adds a financial dimension to Ark Invest’s strategic moves in the crypto landscape. As the SEC decision day approaches on January 11th, all eyes are on Ark Invest, marking a pivotal moment in the evolving narrative of crypto investments. Stay tuned for updates as this dynamic story unfolds.

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Shahnawaz Alam

Shahnawaz is a passionate and professional Content writer. He loves to read, write, draw and share his knowledge in different niches like Technology, Cryptocurrency, Travel,Social Media, Social Media Marketing, and Healthcare.

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