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Ark Invest, led by Cathie Wood, caused a stir in the markets by buying large shares of Tesla (TSLA) and selling the Ark 21Shares Bitcoin ETF (ARKB).
Investment management firm Ark Invest, led by Cathie Wood, has once again attracted worldwide attention with its trading strategies. According to recent market data, the firm sold $77 million worth of Ark 21Shares Bitcoin ETF (ARKB) while heavily buying Tesla (TSLA) shares. This trading strategy comes on the heels of the release of Musk’s firm’s second-quarter earnings report and recent fluctuations in Bitcoin, sparking massive speculation across the broader markets.
Ark Invest Sold ARKB, Bought Tesla (TSLA) Shares
In this step seen as a strategic move, Ark Invest sold 118,209 ARKBs worth approximately $77.56 million on July 24. Instead, he purchased 33,143 shares of TSLA, worth approximately $71.58 million.
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Interestingly, this decision comes after the Elon Musk-led firm filed its second quarter earnings report. According to the report, the firm generated $25.05 billion in expected revenue, exceeding the $24.54 billion predicted by Wall Street. However, earnings per share (EPS) remained at $0.52, below its target of $0.61. This development caused a decrease of approximately 12% in the Tesla share price and created a stir in the markets. The purchase by Cathie Wood’s firm during the TSLA share decline has raised hopes for the asset’s future potential.
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