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Cathie Wood Sells $59M in Tesla Stock While Scooping Up Crypto Plays Amid Market Turbulence

MarketDash Editorial Team
10 hours ago
Ark Invest executed major portfolio moves Monday, dumping over 124,000 Tesla shares worth $59 million as Elon Musk pushes robotaxis, while simultaneously loading up on cryptocurrency stocks including Circle, Coinbase, and BitMine despite a brutal crypto selloff.

Monday, December 15, turned out to be a busy trading day for Cathie Wood's Ark Invest, which executed a fascinating set of moves that tell you everything about where the firm thinks the future is headed. The headline grabber was a massive Tesla Inc. (TSLA) sale, but the real story might be what Ark was buying while everyone else was running away from crypto.

The Tesla Exit: $59 Million Out the Door

Ark unloaded 124,867 Tesla shares across its ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW). With Tesla closing at $475.31, that translates to about $59.35 million heading for the exit.

The timing is interesting. Elon Musk just confirmed that Tesla is testing driverless Robotaxis in Austin, which you'd think would be bullish. But here's the thing: Wall Street is having an existential crisis about how to value Tesla these days. Are we pricing a car company or a tech company? Because those are very different conversations.

A Barclays analyst recently made waves by arguing that Tesla's fourth-quarter delivery numbers essentially don't matter anymore for the stock, which could come in soft. The analyst maintained an Equal Weight rating but raised the price target to $350, noting that Tesla increasingly trades like a technology company rather than a traditional automaker. That's a polite way of saying the old metrics don't apply.

This lines up perfectly with what Musk has been saying for years. He's repeatedly claimed that as much as 80% of Tesla's future value will come from the Optimus humanoid robot, with Full Self-Driving software also cited as a major growth driver. When your CEO thinks robots are worth four times more than the car business, you're definitely not Ford.

The problem is that some investors are getting nervous about the near-term vehicle business. Current estimates suggest 2025 deliveries could fall about 7%, with 2026 deliveries ranging from flat to up just 5%. That's well below what the broader market was expecting, and it explains why Ark might be taking some chips off the table despite believing in the long-term story.

Going All-In on Crypto During a Crash

Now here's where things get spicy. While Bitcoin was face-planting below $86,000 and dragging the entire crypto market down with it, Ark was loading up on crypto stocks like there's no tomorrow.

Circle: A $10.8 Million Bet

Ark purchased 143,579 shares of Circle Internet Group Inc. (CRCL) through its ARK Blockchain & Fintech Innovation ETF (ARKF), ARKK, and ARKW ETFs. With Circle closing at $75.46, that's approximately $10.8 million flowing into the stablecoin issuer.

Circle had a solid third quarter, but traders remain skeptical about long-term growth potential. That didn't stop Wood from doubling down. The broader context matters here: Bitcoin fell below $86,000, which pulled Ethereum under $3,000, while XRP and Dogecoin each dropped more than 4%. Over $600 million was liquidated from the crypto market in just 24 hours, mostly from bullish bets that went sideways. Open interest continued its sharp decline from October highs, suggesting leveraged traders were getting absolutely demolished.

Coinbase: $16.3 Million for the Exchange

Ark acquired 64,946 shares of Coinbase Global Inc. (COIN) across ARKF, ARKK, and ARKW ETFs. At $250.42 per share, this purchase was valued at approximately $16.3 million.

Coinbase stock has been under pressure alongside the broader crypto market, but the company just made a significant technical move. It launched a mainnet bridge connecting its Base layer-2 network with Solana, enabling direct transfers of SOL and Solana-native tokens into Base applications using Chainlink's CCIP protocol. This marks the first major link between an EVM-compatible network and Solana's non-EVM architecture, using a dual-verification security model backed by Coinbase and Chainlink nodes. Translation: they're building infrastructure that could matter a lot if crypto ever figures itself out.

BitMine: The Ethereum Whale Play Worth $17 Million

Ark bought 550,404 shares of Bitmine Immersion Technologies Inc. (BMNR) through ARKF, ARKK, and ARKW ETFs. With BitMine closing at $30.95, the investment totaled approximately $17.03 million.

BitMine, which is chaired by Tom Lee, traded lower as Ethereum prices fell about 2.5% over the past 24 hours. But here's the wild part: the company holds 3.97 million ETH, which represents more than 3.2% of the entire global Ethereum supply. They added over 102,000 tokens just in the past week. Total holdings are valued at about $13.3 billion when you include cash and other crypto assets.

Despite the recent pullback, management is sticking to its goal of owning 5% of total ETH supply. They're pointing to improving regulatory conditions and growing institutional support for digital assets as reasons for optimism. Either this is visionary positioning or spectacularly bad timing. We'll find out.

More Crypto Plays: Bullish, Block, and Bitcoin ETF

Ark wasn't done. The firm purchased 122,360 shares of Bullish through ARKF, ARKK, and ARKW ETFs at $42.43 per share, investing approximately $5.2 million. Last month, Bullish reported third-quarter revenue of $76.5 million, beating estimates, while adjusted earnings of 10 cents per share matched expectations. The Peter Thiel-backed company highlighted strong momentum from new crypto options products and expanded liquidity partnerships, with management noting that growth carried into the fourth quarter.

There was also a $5.9 million purchase of 92,845 shares in Jack Dorsey-led Block Inc. (SQ) through ARKK and ARKW ETFs at $64.02 per share. JPMorgan recently reiterated an Overweight rating with a $100 price target, calling the third quarter solid overall despite margin pressure. The analyst highlighted improving trends across Cash App and Square, arguing the core ecosystems are strengthening and positioning the company to reach the Rule of 40 by 2026. Cash App led the quarter with 24% gross profit growth, while Square delivered modest growth despite higher processing costs.

Rounding out the crypto shopping spree, Ark bought 43,553 shares of ARK 21Shares Bitcoin ETF (ARKB) through ARKF and ARKW ETFs at $28.48, totaling approximately $1.2 million. This aligns with Ark's strategy to increase direct Bitcoin exposure despite recent market volatility.

Other Notable Moves

Beyond the headline trades, Ark made several other portfolio adjustments. The firm sold 27,571 shares of Shopify Inc. through ARKF, dumped 42,465 shares of SoFi Technologies Inc. through ARKF, and sold 29,332 shares of Ibotta Inc. through ARKF and ARKW.

On the buy side, Ark purchased 458,448 shares of Brera Holdings PLC through ARKF, ARKK, and ARKW, and added 136,670 shares of CoreWeave Inc. through ARKK and ARKW.

What It All Means

These trades paint a clear picture of Ark's current thinking. The Tesla sale doesn't necessarily signal bearishness on the company, but rather recognition that the stock has run hard and valuation matters at some point. Meanwhile, the aggressive crypto buying during a market crash suggests Ark believes this is a buying opportunity, not the start of a longer downturn.

Whether that bet pays off depends entirely on whether crypto can stabilize and whether institutional adoption continues despite near-term volatility. Wood is clearly betting that the infrastructure being built by companies like Coinbase and Circle will matter more in five years than today's price action. That's either contrarian genius or expensive conviction. Time will tell which one.

Back to News

Cathie Wood Sells $59M in Tesla Stock While Scooping Up Crypto Plays Amid Market Turbulence

MarketDash Editorial Team
10 hours ago
Ark Invest executed major portfolio moves Monday, dumping over 124,000 Tesla shares worth $59 million as Elon Musk pushes robotaxis, while simultaneously loading up on cryptocurrency stocks including Circle, Coinbase, and BitMine despite a brutal crypto selloff.

Monday, December 15, turned out to be a busy trading day for Cathie Wood's Ark Invest, which executed a fascinating set of moves that tell you everything about where the firm thinks the future is headed. The headline grabber was a massive Tesla Inc. (TSLA) sale, but the real story might be what Ark was buying while everyone else was running away from crypto.

The Tesla Exit: $59 Million Out the Door

Ark unloaded 124,867 Tesla shares across its ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW). With Tesla closing at $475.31, that translates to about $59.35 million heading for the exit.

The timing is interesting. Elon Musk just confirmed that Tesla is testing driverless Robotaxis in Austin, which you'd think would be bullish. But here's the thing: Wall Street is having an existential crisis about how to value Tesla these days. Are we pricing a car company or a tech company? Because those are very different conversations.

A Barclays analyst recently made waves by arguing that Tesla's fourth-quarter delivery numbers essentially don't matter anymore for the stock, which could come in soft. The analyst maintained an Equal Weight rating but raised the price target to $350, noting that Tesla increasingly trades like a technology company rather than a traditional automaker. That's a polite way of saying the old metrics don't apply.

This lines up perfectly with what Musk has been saying for years. He's repeatedly claimed that as much as 80% of Tesla's future value will come from the Optimus humanoid robot, with Full Self-Driving software also cited as a major growth driver. When your CEO thinks robots are worth four times more than the car business, you're definitely not Ford.

The problem is that some investors are getting nervous about the near-term vehicle business. Current estimates suggest 2025 deliveries could fall about 7%, with 2026 deliveries ranging from flat to up just 5%. That's well below what the broader market was expecting, and it explains why Ark might be taking some chips off the table despite believing in the long-term story.

Going All-In on Crypto During a Crash

Now here's where things get spicy. While Bitcoin was face-planting below $86,000 and dragging the entire crypto market down with it, Ark was loading up on crypto stocks like there's no tomorrow.

Circle: A $10.8 Million Bet

Ark purchased 143,579 shares of Circle Internet Group Inc. (CRCL) through its ARK Blockchain & Fintech Innovation ETF (ARKF), ARKK, and ARKW ETFs. With Circle closing at $75.46, that's approximately $10.8 million flowing into the stablecoin issuer.

Circle had a solid third quarter, but traders remain skeptical about long-term growth potential. That didn't stop Wood from doubling down. The broader context matters here: Bitcoin fell below $86,000, which pulled Ethereum under $3,000, while XRP and Dogecoin each dropped more than 4%. Over $600 million was liquidated from the crypto market in just 24 hours, mostly from bullish bets that went sideways. Open interest continued its sharp decline from October highs, suggesting leveraged traders were getting absolutely demolished.

Coinbase: $16.3 Million for the Exchange

Ark acquired 64,946 shares of Coinbase Global Inc. (COIN) across ARKF, ARKK, and ARKW ETFs. At $250.42 per share, this purchase was valued at approximately $16.3 million.

Coinbase stock has been under pressure alongside the broader crypto market, but the company just made a significant technical move. It launched a mainnet bridge connecting its Base layer-2 network with Solana, enabling direct transfers of SOL and Solana-native tokens into Base applications using Chainlink's CCIP protocol. This marks the first major link between an EVM-compatible network and Solana's non-EVM architecture, using a dual-verification security model backed by Coinbase and Chainlink nodes. Translation: they're building infrastructure that could matter a lot if crypto ever figures itself out.

BitMine: The Ethereum Whale Play Worth $17 Million

Ark bought 550,404 shares of Bitmine Immersion Technologies Inc. (BMNR) through ARKF, ARKK, and ARKW ETFs. With BitMine closing at $30.95, the investment totaled approximately $17.03 million.

BitMine, which is chaired by Tom Lee, traded lower as Ethereum prices fell about 2.5% over the past 24 hours. But here's the wild part: the company holds 3.97 million ETH, which represents more than 3.2% of the entire global Ethereum supply. They added over 102,000 tokens just in the past week. Total holdings are valued at about $13.3 billion when you include cash and other crypto assets.

Despite the recent pullback, management is sticking to its goal of owning 5% of total ETH supply. They're pointing to improving regulatory conditions and growing institutional support for digital assets as reasons for optimism. Either this is visionary positioning or spectacularly bad timing. We'll find out.

More Crypto Plays: Bullish, Block, and Bitcoin ETF

Ark wasn't done. The firm purchased 122,360 shares of Bullish through ARKF, ARKK, and ARKW ETFs at $42.43 per share, investing approximately $5.2 million. Last month, Bullish reported third-quarter revenue of $76.5 million, beating estimates, while adjusted earnings of 10 cents per share matched expectations. The Peter Thiel-backed company highlighted strong momentum from new crypto options products and expanded liquidity partnerships, with management noting that growth carried into the fourth quarter.

There was also a $5.9 million purchase of 92,845 shares in Jack Dorsey-led Block Inc. (SQ) through ARKK and ARKW ETFs at $64.02 per share. JPMorgan recently reiterated an Overweight rating with a $100 price target, calling the third quarter solid overall despite margin pressure. The analyst highlighted improving trends across Cash App and Square, arguing the core ecosystems are strengthening and positioning the company to reach the Rule of 40 by 2026. Cash App led the quarter with 24% gross profit growth, while Square delivered modest growth despite higher processing costs.

Rounding out the crypto shopping spree, Ark bought 43,553 shares of ARK 21Shares Bitcoin ETF (ARKB) through ARKF and ARKW ETFs at $28.48, totaling approximately $1.2 million. This aligns with Ark's strategy to increase direct Bitcoin exposure despite recent market volatility.

Other Notable Moves

Beyond the headline trades, Ark made several other portfolio adjustments. The firm sold 27,571 shares of Shopify Inc. through ARKF, dumped 42,465 shares of SoFi Technologies Inc. through ARKF, and sold 29,332 shares of Ibotta Inc. through ARKF and ARKW.

On the buy side, Ark purchased 458,448 shares of Brera Holdings PLC through ARKF, ARKK, and ARKW, and added 136,670 shares of CoreWeave Inc. through ARKK and ARKW.

What It All Means

These trades paint a clear picture of Ark's current thinking. The Tesla sale doesn't necessarily signal bearishness on the company, but rather recognition that the stock has run hard and valuation matters at some point. Meanwhile, the aggressive crypto buying during a market crash suggests Ark believes this is a buying opportunity, not the start of a longer downturn.

Whether that bet pays off depends entirely on whether crypto can stabilize and whether institutional adoption continues despite near-term volatility. Wood is clearly betting that the infrastructure being built by companies like Coinbase and Circle will matter more in five years than today's price action. That's either contrarian genius or expensive conviction. Time will tell which one.

    Cathie Wood Sells $59M in Tesla Stock While Scooping Up Crypto Plays Amid Market Turbulence - MarketDash News