Cathie Wood’s Ark Investment is betting big on Tesla Inc., the electric car company led by entrepreneur Elon Musk. Musk admitted last week that he doesn’t pay much attention to cryptocurrencies, despite growing interest in spot Bitcoin ETFs.
Mr. Wood, a longtime bullish supporter of Mr. Musk’s automaker, bought 111,000 units. tesla Wednesday stocks. December 20th Flagship Ark Innovation ETF (ARKK) Bought 93,965 shares worth approximately $23.2 million. ARK Next Generation Internet ETF (ARKW) Bought 17,422 shares worth approximately $4.3 million.
Wood, ARK’s chief investment officer and founder, pared down his Tesla stake in the company in October, selling about $63.3 million worth of stock. Coinbase and Tesla are ARKK’s two largest holdings.
Wood and Musk spoke on Thursday night in a live forum on X (formerly Twitter). While the conversation mostly centered around Musk’s vision for X, the two also discussed artificial intelligence and why Musk doesn’t like index funds or Bitcoin.
Musk says he’s not thinking about cryptocurrencies
When Wood asked Musk what impact he thought Bitcoin would have on the financial services system, Musk replied, “I don’t spend a lot of time thinking about cryptocurrencies.”
“I have been thinking about money and the nature of money for a long time. Money is actually a database for resource allocation; [that] That’s how I think about money. ”
Wood is gearing up for the anticipated launch of the first spot Bitcoin ETF, which the Securities and Exchange Commission has until January 10 to approve or deny. Among prospective ETF issuers, Wood is particularly bullish on cryptocurrencies.she said in november She estimates the Bitcoin market to be worth about $20 trillion and the Bitcoin market to be worth $5 trillion. Ethereum By 2030.
The company’s Spot Bitcoin ETF proposal is at the head of more than a dozen applications to be approved or rejected by the SEC, ahead of rivals such as BlackRock Inc. and Fidelity Investments Inc., with a decision deadline of Jan. 11. .company recently announced The management fee for the fund proposed to be launched at 21Shares is 0.80%.
Contact Lucy Brewster. lucy.brewster@etf.com.