Ark Investment’s exchange-traded funds have sold approximately $66 million in Tesla stock (89,000 shares) in order to acquire more Robinhood stock – a trading app that works with stocks and cryptocurrencies.
So far this month, Ark Investment has sold $200 million in Tesla stock. Cathie Wood’s fund added $10 million worth of Robinhood (over 236,000) shares after selling the shares of the e-car manufacturing giant, which is still trading in a downtrend after dropping 43 percent from its high at the beginning of August.
In September, Ark’s ETFs added approximately 390,000 Robinhood shares.
Ark has sold over a million Tesla shares in the last five months. However, Elon Musk’s shares, which are worth more than $4 billion, remain the fund’s largest holding.
The Ark’s investment strategy includes selling highly rated holdings in order to invest in other companies.
Cathie Wood previously predicted that Tesla shares would be worth $3,000 by 2025. She has also recently stated that she believes Bitcoin will reach more than $500,000 in the next five years and that Ark’s confidence in Ethereum has increased significantly.