(Bloomberg) — Kathy Wood of Tesla Inc. and Coinbase Global Inc. It picked up more shares, emphasizing its belief in electric vehicles and cryptocurrency as key trends for the future.
Most read from Bloomberg
Ark Investment Management LLC funds, including Wood’s flagship Ark Innovation ETF, bought about 75,000 shares of the EV maker and about 297,000 shares of the cryptocurrency exchange operator on Wednesday, continuing a buying spree that began in October, according to data. By Bloomberg.
Despite the unprecedented volatility caused by the collapse of Sam Bankman-Fried’s FTX crypto empire, Ark continues to buy into Coinbase. Coinbase shares hit a record low on Tuesday before recovering slightly on Wednesday.
Wood’s largest fund, ARK Disruptive Innovation Strategy, is down 60% this year, compared to a 28% loss for the Nasdaq 100 and a 16% loss for the S&P 500. Last month, she reiterated her Bitcoin target of $1 million, with the largest crypto token currently trading at around $17,600.
Meanwhile, Tesla shares are at their lowest in more than two years amid fears of a recession, a hawkish Federal Reserve and founder Elon Musk’s move to reduce its stake in the EV maker.
Read: Tesla closes below $500 billion for first time in 2 years
Wood’s company is one of Coinbase’s largest shareholders, holding a 4.3% stake as of September 30, according to Bloomberg data. Arc only owns 0.13% of Tesla, but the stock remains one of the fund’s top holdings.
Shares in Tesla fell 2.5% in premarket trading on Thursday, and those of Coinbase slipped 2.5%.
–With help from Subrat Patnaik.
(Updates with stock moves.)
Most read from Bloomberg Business Week
©2022 Bloomberg LP