Cathie Wood's
Ark Invest has consistently offloaded significant volumes of
Coinbase shares, marking an intense transition in her investment strategy. The conducted sales happen despite bullish movements in the crypto market, such as Bitcoin surpassing both $62k and $70k thresholds. Despite Bitcoin's impressive performance, Ark Invest has been notably withdrawing from related stocks like Nvidia. The firm has, however, engaged in concentrated investments towards rivalling industries and evidently bullish prospects like a promising Netflix competitor, where an acquisition worth $7.3 million was made. Additionally, Cathie Wood is also bullish on Elon Musk's AI venture, where Ark Invest injected $60 million.
Amidst this reshuffle, Ark labs announced its launch to build a novel
Bitcoin Layer 2 payments network. This development could be perceived as Ark’s attempt to position itself as a competitor against the Bitcoin Lightning Network. Interestingly, Ark's investment firm and CEO Cathie Wood are noticeably bullish on the prospect of Bitcoin, visualizing an astounding $1.5 million price target within less than a decade. Despite these erratic moves, Cathie Wood establishes her confidence towards the crypto world by stating that she would vote for Trump due to his pro-Bitcoin perspective. Her forecast also reflects her strong belief in Bitcoin replacing gold.
These transactions reflect a shift in Ark Invest’s approach from holding related stocks to active participation in the crypto industry itself, which may be evidenced by their Bitcoin ETF. However, the
ARK 21Shares Bitcoin ETF has reportedly borne record outflows surpassing that of Grayscale. In the meantime, Ark Invest has halted its spot Ethereum ETF plans, citing it as an election issue.
ARK Coin News Analytics from Tue, 28 Nov 2023 08:00:00 GMT to Thu, 27 Jun 2024 14:47:38 GMT -
Rating 7
- Innovation 6
- Information 7
- Rumor -1
