Ark Investment Management, led by Cathie Wood, continued its Tesla, Inc. TSLA buying spree on Tuesday, while also adjusting its Bitcoin ETF purchases.
Ark’s Tesla Purchase
What Happened: Ark, through its flagship Ark Innovation ETF ARKK, added 28,684 Tesla shares valued at $5.5 million. Despite fluctuating in early trading, the stock settled the session up a modest 0.35% at $191.59.
The firm has been consistently accumulating Tesla shares following the company’s fourth-quarter double miss. Ark remains bullish on Tesla, expecting the stock to hit $2,000 by 2027, largely due to the robo-taxi service.
Other Trades
In addition to Tesla, Ark also increased its position in Robinhood Markets, Inc., Pinterest, Inc., and SoFi Technologies, Inc., while selling shares of Zoom Video Communications, Inc.
Bitcoin ETF
Wood halted purchases of Ark’s spot Bitcoin ETF, the ARK 21Shares Bitcoin ETF ARKB, after having accumulated the ETF since Jan. 18. The ETF has experienced a decline of about 6.74% since its debut session on Jan. 11.
ARKK ended Tuesday’s session down 2.60% to $46.86, according to Benzinga Pro data.
