Ark Invest CEO Cathie Wood on Thursday purchased 158,116 shares of crypto exchange Coinbase and 22,514 shares of electric vehicles firm Tesla. Cathie Wood has been actively buying Coinbase and Tesla shares in December as share price falls to new lows. Both COIN and TESLA shares recorded over 6% and 8% jump on Thursday.
Cathie Wood Buys Coinbase and Tesla Shares Dip
Cathie Wood’s asset management firm Ark Invest purchased 158,116 shares of Coinbase (COIN) and 22,514 shares of Tesla (TSLA) on December 29. While Ark Invest funds continue to underperform in this bear market, Cathie Wood remains optimistic about turning around the game. Cathie Wood is known for buying at dips for giving better returns to clients.
In December, Ark Invest purchased 628,164 shares of Coinbase in 10 transactions and 254,992 shares of Tesla in 13 transactions. Cathie Wood remains bullish on electric vehicles and cryptocurrencies, especially Bitcoin. Ark Invest founder Wood recently reiterated that Bitcoin price could hit $1 million by 2030.
Most of the purchases have come in the last 10 days as Coinbase and Tesla shares fall to new lows. Cathie Wood in a recent tweet said the money revolution is coming with cryptocurrencies.
“Good time for thought leaders to assess lessons learned from crypto crises and reassess the outlook for bitcoin, ether, and other crypto assets. SBF did not like bitcoin: because of its decentralization and transparency, he could not control it. The money revolution is underway!”
Coinbase (COIN) share price closed at $34.78 on Thursday, up roughly 7%. COIN price has been hit hard by the crypto bear market, falling 86% this year. The stock price hit an all-time low of $31.83 on December 28.
Tesla (TSLA) share price ends 8% up at $121.82 on Thursday. The Tesla shares also hit a 52-week low of $108.24 on December 28.
Also Read: Shiba Inu (SHIB) Price Soars Amid Massive Whales Accumulation
Crypto Market Struggles Before the Year End
The crypto market cap fell nearly 1% in the last 24 hours, with the global crypto market cap currently at $790.75 billion. Bitcoin price breaks below the $16.5K support level, with the price currently trading at $16,481. Meanwhile, Ethereum has also followed suit and currently trades above the $1,170 support level.
Also Read: Is Bitcoin Price Fall To $10K Inevitable In Early 2023?
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