tl;dr
ARK Invest sold $105.3 million in Coinbase shares shortly after the stock hit a record high of $444.65 on July 18th, moving Coinbase from its top holding to second place. Simultaneously, the firm increased its Tesla stake by $43.7 million, making Tesla its largest investment at $1 billion, with Coin...
The tech-focused investment firm ARK Invest recently made headlines by selling tens of millions of dollars worth of Coinbase (COIN) shares shortly after the stock reached an all-time high. On July 18th, COIN surged to a record $444.65, surpassing its previous peak of $429 set on April 14th, 2021. Following this rally, ARK Invest began aggressively offloading Coinbase shares, a move that shifted COIN from its top holding to second place within just a few days.
Data reveals that from July 21st to 24th, ARK Invest sold $105.3 million worth of COIN shares. Concurrently, the firm was increasing its stake in electric vehicle manufacturer Tesla (TSLA), purchasing $43.7 million worth during the same period. With these moves, Tesla now holds the position of ARK Invest’s largest investment, with a $1 billion stake, while Coinbase ranks second at $803.5 million.
ARK Invest’s CEO, Cathie Wood, has expressed strong confidence in Tesla’s long-term potential, forecasting that the stock could reach $2,600 within five years. Interestingly, she emphasizes that 90% of Tesla’s future valuation is expected to come from its robotaxi platform rather than the electric vehicle market itself. Wood highlights the difference by noting that car sales are largely one-time events, while the robotaxi platform represents an ongoing revenue opportunity, potentially reshaping Tesla’s valuation trajectory by 2030.