Cathie Wood's Ark Invest Adds ARKB Bitcoin ETF Worth $51 Mln This Week; Buys Tesla Shares

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Cathie Wood’s Ark Invest Adds ARKB Bitcoin ETF Worth $51 Mln This Week; Buys Tesla Shares – Crypto News

Published

1 year ago

January 27, 2024

Dripp

Cathie Wood’s asset management firm Ark Invest added additional units of ARK 21Shares Bitcoin ETF (ARKB), increasing its total ARKB purchase this week to $51 million. ARKW has been consistently purging holdings in ProShares Bitcoin Strategy ETF (BITO) since the approval and listing of spot Bitcoin ETFs.

Meanwhile, Ark Invest funds are on an accumulation spree for Elon Musk’s Tesla (TSLA) shares, along with other key shares.

Cathie Wood’s Ark Buys More ARKB Bitcoin ETF Units

On January 26, Cathie Wood’s Ark Invest purchased 127,435 Ark 21Shares Bitcoin ETF (ARKB) units worth $5.4 million, as per trades seen by CoinGape.

ARK Next Generation Internet ETF(ARKW) offloaded 78,345 shares of ProShares Bitcoin Strategy ETF (BITO) valued at approximately $1.59 million and other shares such as Twilio, UiPath and DraftKings to buy ARKB spot Bitcoin ETF units.

With the latest purchase, ARKW has bought 1.27 million ARKB units worth $51 million this week. CoinGape earlier reported that ARKW purchased 1.04 million ARKB units worth $43 million last week. Thus, a total of ARKB is worth almost $95 million.

As per Ark Invest data, ARKB has Bitcoin with a market value of $529.18 million until Jan 26.

Shares including BITO and ARKB ETFs prices jumped after the PCE data revealed that inflation cooled to 2.9%. ProShares Bitcoin Strategy ETF (BITO) price closed 5.62% higher at $20.30 on Friday. Whereas, Ark 21Shares Bitcoin ETF (ARKB) price closed 5.39% higher at $42.02.

Also Read: XRP Ledger Hits New Milestone With 5 Million Wallets, XRP Price Rally Imminent?

ARK Invest Buying Tesla (TSLA)

Cathie Wood’s Ark Invest funds are on a buying spree for Tesla shares. After buying TSLA stocks worth $32 million on Thursday, ARK funds purchased another hefty $33 million worth of shares in total.

ARK Innovation ETF (ARKK) bought 151,984 Tesla shares and ARK Next Generation Internet ETF (ARKW) purchased 30,557 TSLA shares.

TSLA price closed at $183.25 on Friday, up 0.34%. Elon Musk’s Tesla stock price dropped 13.67% this week.

Also Read: Crypto Market Recovery — Here’s Why Bitcoin, ETH, SOL, XRP Are Up Today