Cathie Wood sells $14.3M in surging crypto stocks to buy Tesla

ARK Invest, the investment firm led by CEO Cathie Wood, last week unloaded crypto-focused shares worth $14.3 million to acquire $18.7 million in Tesla (Nasdaq: TSLA) stocks.

ARK Invest sold 16,627 Coinbase (Nasdaq: COIN) shares worth $6.47 million from its Innovation ETF (ARKK) on July 10. It sold 5,596 COIN shares worth $2.17 million from its Next Generation Internet ETF (ARKW) on July 11.

Coinbase is the largest crypto exchange in the U.S. which went public in April 2021.

COIN, which entered the S&P 500 club in May, reached an all-time high (ATH) of $395.5 on July 11 as Wood's firm kept unloading its shares.

Robinhood's latest move invites backlash but creates buzz

The investment firm also unloaded 58,504 Robinhood (Nasdaq: HOOD) shares worth $5.7 million from ARKK on July 10.

Robinhood is a platform that offers stock and crypto trading, which went public in November 2021.

Though its recent launch of tokenized stocks received severe backlash from companies like OpenAI, the excitement around the new suite of products helped the stock reach a record high of $101.50 on July 11.

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Wood also praised Robinhood for launching tokenized stocks that allow 24/7 and fractionalized trading.

But the veteran fund manager was quick to dispose of both COIN and HOOD as they surged to new highs.

Tesla buy amid India launch announcement

Instead, ARK Invest acquired Tesla shares worth $187.7 million on July 11 as the Elon Musk-led electric vehicle (EV) company announced it's coming to India soon.

The investment firm bought 45,761 TSLA shares worth $14.3 million for ARKK and 13,944 TSLA worth $4.3 million for ARKW on July 11.

Recently, Tesla was also at the center of the public feud between Musk and President Donald Trump that sent the stock tumbling.

The president had alleged that the tech tycoon was critical of the "big, beautiful bill" because the administration was going to terminate the EV mandate.

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As per BitcoinTreasuries, Tesla is the eighth-largest public corporate holder of Bitcoin.

Bitcoin hit the record high of $123,091.61 on July 14 and is trading at $121,900.46 at press time, as per Kraken's price feed. So, Tesla's BTC holdings of 11,509 coins are worth $1.4 billion at the time of writing.

Wood herself is a strong Bitcoin advocate who earlier predicted that the king coin could surpass $1.5 million in value.