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, Cathie Wood’s ARK Investment Invests in Coinbase and Dumps Tesla, Forex-News, Forex-News
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Cathie Wood’s ARK Investment Invests in Coinbase and Dumps Tesla

4
, Cathie Wood’s ARK Investment Invests in Coinbase and Dumps Tesla, Forex-News, Forex-News


, Cathie Wood’s ARK Investment Invests in Coinbase and Dumps Tesla, Forex-News, Forex-News

Three funds operated by Cathie Wood’s ARK Investment Management acquired up to $ 246 million in shares of crypto exchange Coinbase according to Reuters. However, to do this, ARK sold $ 178 million in Tesla shares.

ARK Investment invests in the crypto exchange

Yes, 749,205 shares of the crypto exchange COIN have been acquired by ARK Investment Management. Specifically, the Ark Innovation ETF (ARKK) now has 512,535 COIN shares, while the Ark Next Generation Internet ETF (ARKW) bought 147,081 shares and the Ark Fintech Innovation ETF (ARKF) bought 89,589.

And while his investment in Coinbase is quite surprising, ARK had to sell $ 178 million worth of Tesla stock. But, in addition, he sold USD 4.4 million in shares of the Intercontinental Exchange.

Don’t set off the alarms! As you will recall, ARK previously offered a fairly optimistic projection for Tesla shares for 2025. In this sense, the recent sale of shares to invest in the crypto market does not contradict these predictions.

In fact, the auto company’s shares continue to make up the largest combined holding of the ARK Innovation ETF and ARK Next Generation Internet ETF.

What do you think of ARK Investment’s investment in Coinbase? Was it a mistake to give up Tesla shares for those of the crypto exchange? We want to know your opinion!

, Cathie Wood’s ARK Investment Invests in Coinbase and Dumps Tesla, Forex-News, Forex-News

Brevan Howard plans to invest in the crypto industry

According to Bloomberg, Brevan Howard Asset Management, a UK asset management company, plans to allocate 1.5% of the $ 5.6 billion in its main hedge fund to crypto, roughly $ 84 million.

Does this mean that you will invest exclusively in Bitcoin? Not necessarily. The Bloomberg report posits that the company wants to focus on a “wide range” of crypto in addition to Bitcoin.

However, this is not the first contact between the fund and the crypto market. In fact, Alan Howard, co-founder of the company, has a 25% stake in One River Digital Asset Management, which has offered him indirect exposure to Bitcoin and Ethereum.

Are the Swedes exposed to Bitcoin? Yes, at least indirectly

According to local outlet Trijo News, almost 5 million Swedish savers are exposed to the leading crypto through their investment in the Swedish state pension fund AP7 Såfa.

However, the AP7 Såfa fund does not have, at least for now, directly an investment in Bitcoin. The state fund has shares in two companies with great exposure to the leading crypto: Tesla and Square.

Interestingly, AXA has become the first Swiss insurer to offer its clients the option of paying their bills with Bitcoin.

Grayscale grows at an impressive crypto speed

Grayscale yesterday he claimed have reached the goal of USD 50 billion in assets under management (AUM). This positions the crypto firm one step away from reaching the holdings of the world’s most important commodity ETF, SPDR Gold Shares.

In fact, Grayscale’s own CEO, Michael Sonnenshein, tweeted who believes that the Bitcoin Fund at Grayscale is likely to outperform the GLD fund by market capitalization in a few months.

The leading crypto will be a future great asset class, Larry Fink

BlackRock CEO Larry Fink claimed to be fascinated by Bitcoin. In fact, he believes that crypto could become a “great asset class.”

“I’m still fascinated by him and encouraged by the amount of people who are focusing on him …”, he assured during an interview on CNBC. “I’m encouraged by the narrative, it can become a great asset class and I think this could become a great asset class – cryptocurrency.”

However, Fink does not see the crypto leader as a feasible substitute for coins. In this sense, he explained that he believes that “We will have dollar cryptocurrencies, cryptocurrencies from other currencies, but I don’t think we should think of cryptocurrencies as a substitute for currency, but it fascinates me as an asset class.”

In a few lines …

  • A Bank of America survey concludes that nearly 75% of surveyed professional investors believe that the leading crypto is a bubble.
  • Former CIA Director Michael Joseph Morell backs Bitcoin, denying links to illicit activities.
  • According to Citigroup, Bitcoin consumes 66 times more electricity than in 2015.





, Cathie Wood’s ARK Investment Invests in Coinbase and Dumps Tesla, Forex-News, Forex-News

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, Cathie Wood’s ARK Investment Invests in Coinbase and Dumps Tesla, Forex-News, Forex-News

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