Friday, May 7, 2021
Home Crypto News Market ARK Sells Tesla Shares Worth $99.5 Million To Buy Another $64 Million...

ARK Sells Tesla Shares Worth $99.5 Million To Buy Another $64 Million In Coinbase Shares

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According to the firm’s daily trading summary, ARK funds bought more shares of crypto exchange Coinbase Global Inc on Friday, selling shares of electric car maker Tesla.

On Friday, ARK bought 187,078 shares of Coinbase, which debuted on the Nasdaq earlier this week, for nearly $64 million at the day’s closing price of $342.

There were 134,541 Tesla shares sold at the end of Friday for $99.5 million. Tesla still holds the leading position among the company’s fixed assets by value.

The funds were added to ARK’s innovation fund, the Next-generation Internet ETF, and the Financial Technology Innovation ETF.

Coinbase’s purchases add up to 341,186 shares purchased on Thursday and 749,205 shares purchased on Wednesday.

ARK sold shares of Tesla from its flagship fund and the Next Generation Internet ETF.

Betting on Coinbase gives ARK more indirect access to cryptocurrencies in addition to its big bets on companies like Tesla, which recently invested in Bitcoin and said it would accept Bitcoin as payment for its cars.

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Mark Brennan
Mark Brennan
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.


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