Ark Invest Sells $77M Of Ark 21Shares Bitcoin ETF To Buy Tesla Stocks

full version at coingape

Cathie Wood-led investment management firm Ark Invest has once again made global headlines with its trade strategies. Per recent market data, the firm heavily bagged Tesla (TSLA) stocks, whereas it sold a whopping $77 million worth of Ark 21Shares Bitcoin ETF (ARKB). This trading strategy, emerging right after the release of Musk’s firm’s Q2 earnings report and Bitcoin’s recent turbulence, has ignited a tidal wave of speculations across the broader market.

Ark Invest Sells ARKB, Bags Tesla (TSLA)

In what appears to be a strategic mover, Ark Invest sold 118,209 ARKB, worth nearly $77.56 million, on July 24. Instead, the firm bought 33,143 TSLA shares, worth approximately $71.58 million.

Intriguingly, this decision comes after the Elon Musk-led firm filed its Q2 earnings report. As per the report, the firm beat its expected revenue of $24.54 billion forecasted by Wall Street, with $25.05 billion. However, it failed to meet earnings per share (EPS) of $0.61, coming short at $0.52. This chronicle resulted in a nearly 12% drop in the Tesla stock price, causing a market bustle. Cathie Wood’s firm’s purchase amid this TSLA share crash has glimmered hope for the asset’s future prospects.

Meanwhile, the Bitcoin ETF selloff comes amid a waning BTC price movement. This week, Bitcoin slipped from a $68K high to the $64K level. The bearish movement falls in line with Mt Gox‘s creditor repayment with BTC. Further, the massive Bitcoin ETF selloff by the investment firm potentially falls in line with this receding price action.

Also Read: Ripple CTO Predicts Win For Celsius In Customer Withdrawal Clawback Case

Cathie Wood’s Firm’s Trading Activity

Ark Invest’s other trades from July 24 illustrate continued interest in energy, healthcare, and biological sectors. The firm’s purchases included 392,670 of 10x Genomics shares (TXG), 148,031 of Oklo shares (OKLO), and 208,592 of Teladoc Health Inc, among many others.

However, it’s also worth mentioning that Ark Invest recently shed remarkable amounts of TSLA shares ahead of the EV (electric vehicle) firm’s Q2 earnings. This constant buying and selling has further added a layer of intrigue among market participants.

Also Read: RBI, SEBI Collaborate To Develop India Crypto Policy, Paper Due In Q3

The post Ark Invest Sells $77M Of Ark 21Shares Bitcoin ETF To Buy Tesla Stocks appeared first on CoinGape.