Cathie Wood’s Ark buys into Coinbase, sells a bit of Tesla
Cathie Wood’s Ark funds bought $246 million worth of Coinbase (COIN.O) shares on the cryptocurrency exchange’s Nasdaq debut on Wednesday and sold some of their Tesla (TSLA.O) stock, just under a month after talking up the carmaker. The bet on Coinbase gives Ark more indirect exposure to cryptocurrencies on top of their big bets on the likes of Tesla, which recently invested in bitcoin and said it would accept it as a payment for its cars. “What’s interesting is their unwinding of some Tesla shares after their ludicrous call on Tesla,” said Karim Moussalem, head of cash equity sales at Cantor Fitzgerald Europe in London. “Selling some shares after that is a bit odd.” Longtime Tesla bull Wood said in March that its share price could hit $3,000 by 2025, well above its current $732 per share.