Bitcoin ETF

Bitcoin

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.
<h2 id="ark-invest-sells-arkb-bags-tesla-tsla">Ark Invest Sells ARKB, Bags Tesla (TSLA)</h2>
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 <a href="https://coingape.com/crypto-stocks/tsla/" target="_blank" rel="noopener noreferrer nofollow">Tesla stock price</a>, causing a market bustle. Cathie Wood’s firm’s purchase amid this <a href="https://coingape.com/news/stocks/tesla-stock-crashes-12-but-jim-cramer-remains-bullish-on-ev-giant/" target="_blank" rel="noopener noreferrer nofollow">TSLA share</a> crash has glimmered hope for the asset’s future prospects.
Meanwhile, the Bitcoin ETF selloff comes amid a waning BTC price movement. This week, <a href="https://coingape.com/why-is-bitcoin-price-going-down-today/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> slipped from a $68K high to the $64K level. The bearish movement falls in line with <a href="https://coingape.com/mt-gox-compensates-over-17000-creditors-whats-next/" target="_blank" rel="noopener noreferrer nofollow">Mt Gox</a>‘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: <a href="https://coingape.com/ripple-cto-predicts-win-for-celsius-in-customer-withdrawal-clawback-case/" target="_blank" rel="noopener noreferrer nofollow">Ripple CTO Predicts Win For Celsius In Customer Withdrawal Clawback Case</a>
<h2 id="cathie-wood-s-firm-s-trading-activity">Cathie Wood’s Firm’s Trading Activity</h2>
<a rel="noopener noreferrer nofollow" href="https://www.ark-funds.com/" target="_blank">Ark Invest’s</a> 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: <a href="https://coingape.com/rbi-sebi-join-india-crypto-policy-development-paper-due-in-q3/" target="_blank" rel="noopener noreferrer nofollow">RBI, SEBI Collaborate To Develop India Crypto Policy, Paper Due In Q3</a>
The post <a href="https://coingape.com/ark-invest-sells-77m-ark-21shares-bitcoin-etf-to-buy-tesla-stocks/" rel="noopener noreferrer nofollow">Ark Invest Sells $77M Of Ark 21Shares Bitcoin ETF To Buy Tesla Stocks</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

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

Table of Contents

Coingape News Media

Other articles published on Jul 25, 2024

BTC price inches up with US stocks as Bitcoin bulls fight for $65K

Elon Musk Forecasts U.S. Economic Peril: Insights on Imminent Financial Instability

BlockDAG Dev Release 79 Reveals X1 Miner App and Blockchain Updates; $60.9M Presale Intensifies a...

HSBC Australia Blocks Payments to Cryptocurrency Exchanges

Acre launches Bitcoin Staking on mainnet in partnership with Xverse

Why Ethereum’s ETF launch didn’t stop its price crash

Join our free newsletter for daily crypto updates!