Tesla Loses Top Spot In Ark Next Generation Internet ETF To This Cryptocurrency Stock

Cathie Wood-led Ark Investment Management’s stake in Tesla Inc (TSLA) slipped to the second rank for the first time in years in one of the three active exchange traded funds through which it owns shares in the Elon Musk-led company, data from the money managing firm showed.

The popular money managing firm’s weight in the Ark Next Generation Internet ETF (ARKW) slipped to 220,222 shares, worth about $227 million, representing about 7.2% weight in the ETF.

Photo by Kelly Sikkema on Unsplash

Coinbase Global Inc (COIN) has now grabbed the top rank in ARKW at about 7.6% weight and the investment management firm held 1.05 million shares, worth $240.1 million, in the cryptocurrency-related business, prior to Friday’s trade.

The St. Petersburg, Florida-based Ark Invest has been selling shares in Tesla for months now. It has also been piling up shares in Coinbase, placing its bets in the cryptocurrency-related fintech stocks on the dip.

Besides ARKW, Ark Invest also owns shares in Tesla via the Ark Innovation ETF (ARKK) and the Ark Autonomous Technology & Robotics ETF (ARKQ). Tesla shares closed 1.75% higher at $1,049.6 a share on Friday. The stock is up about 24.3% in the past one year. 

In contrast, Coinbase shares are down about 8.4% so far this year and have plummeted about 30% since going public last year in April.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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