Loading… Loading…
AsTesla, Inc.TSLA fell for a fifth straight sessionon Thursday, breaching a significant psychological threshold,Cathie WoodsArk Investment Managementramped up its acquisition of the stock, while also bolstering its holdings in crypto-related exchange-traded funds.
Doubling Down On Tesla: Across itsARK Innovation ETFARKK ,ARK Autonomous Technology & Robotics ETFARKQ , andARK Next Generation Internet ETFARKW , Ark purchased 88,720 Tesla shares on Thursday, amounting to approximately $13.30 million based on Teslas closing price of $149.93.
Ark has been consistently accumulating Tesla shares for three consecutive sessions this week, accumulating a total of $26.89 million worth of shares.
This surge in buying activity comes amid Tesla facing downward pressure throughout the week, with analysts revising their estimates and price targets downward in anticipation of a disappointing earnings report next week. Concerns about the companys recent announcement of significantlayoffs,plans to seek shareholder approval for CEOElon Musks compensation package, and uncertainties surrounding the potential deprioritization of the sub-$30,000 electric vehicle have all contributed to the stocks weakness.
On Thursday, Tesla closed at its lowest level since January 25, 2023.
See Also:Best ETFs To Buy Right Now
Expanding Crypto Exposure: While Ark has beengradually reducing its exposureto crypto-related stocks likeCoinbase Global, Inc.COIN andRobinhood Markets, Inc.HOOD , it refrained from trading these shares on Thursday.
Instead, Ark augmented its positions in ETFs with crypto exposure. ARKW bought 22,461 units of ARK 21Shares Active Ethereum Futures Strategy ETF ARKZ valued at $823,645. Arks ARK Fintech Innovation ETF ARKF 490,751 units of its recently launched spot Bitcoin BTC/USD ETF, the ARK 21Shares Bitcoin ETF ARKB valued at $31.19 million. Arks ARKW added 42,800Proshares Ether Strategy ETFEETH valued at $2.90 million.
ARKB, which commenced trading on Jan. 11, 2024, has appreciated by approximately 36%, riding on the coattails of Bitcoins rally, which has surged by about 34% since its inception.
On the other hand, ARKZ, an actively managed ETF launched by the Wood-led firm, aims for 100% exposure toEthereumETH/USD by investing in ether futures contracts. The fund, boasting approximately $11 million in net assets, has yielded approximately 24% year-to-date.
Meanwhile, Bitcoin has strengthened amid escalating geopolitical tensions in the Middle East. At last check, the premier cryptocurrency climbed by 0.72% over the past 24 hours to reach $62,141.40, according toBenzinga Pro data.
ARKK fell 0.26% on Thursday before closing at $42.91.
Read Next: 5 Technologies That Could Be Worth $220 Trillion By 2030, Cathie Woods ARK Predicts: The Time Is NowLoading… Loading… Market News and Data brought to you by Benzinga APIs
2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
