Asset management firm Ark Invest has reported growing support from strong holders and improved institutional sentiment towards bitcoin. Nearly 70% of the circulating supply of bitcoin has not been moved for at least a year, indicating a strengthening holder base and the confidence of long-term investors.

June 24 (Cointime) - Ark Invest has decreased its investment in Tesla while increasing its investment in crypto stocks, particularly Coinbase and Robinhood.

June 21 (Cointime) - Ark Invest, led by Cathie Wood, sold 31,500 Tesla shares worth $8.6 million a day before Elon Musk's meeting with the Indian Prime Minister as the company looks to invest in the Asian country.

Cathie Wood's Ark Invest funds have purchased millions of shares in Jack Dorsey's payment firm Square Inc (SQ) and Coinbase (COIN). Wood remains bullish on Bitcoin, reiterating her $1 million target price by 2030 and explaining that the regulatory hurdles faced by Binance will benefit Coinbase.

According to Bloomberg, Ark Invest CEO Cathie Wood said in an interview that Coinbase will benefit from Binance legal problems in the U.S. because it will eliminate its main competitor. Wood said, "Coinbase has not been accused of any criminal activity. The definition of securities and pledges are two issues that both Coinbase and According face, but most of the other issues regarding According are not relevant to Coinbase."

Cathie Wood, the manager of the ARK Innovation ETF, has justified her fund's exit from Nvidia earlier this year, stating that the chipmaker has been priced "ahead of the curve". Nvidia's stock has more than doubled since ARKK exited in January 2023, and is now trading at 25 times the estimated sales for the current financial year. However, some analysts believe that the outlook for chips isn't quite picking up yet amid tepid demand for consumer electronics. Nvidia's co-founder, Jensen Huang, recently unveiled a number of AI products at the Computex trade show, including an AI supercomputer platform called DGX GH200.

Cathie Wood's Ark Invest sold all of its NVIDIA shares in January, just before the company's impressive price jumps. Recent SEC filings confirm the selloff, causing the investment firm to miss out on potential gains. Despite this, Wood remains a supporter of Web3.0 companies and Bitcoin. 

According to Ark Invest analyst Yassine Elmandjra, the United States is in danger of losing its position as a leader in the global cryptocurrency ecosystem to countries such as the United Arab Emirates, South Korea, Australia, and Switzerland. Elmandjra cites a significant decline in crypto liquidity in the US, which has led to a lack of interest among institutional investors.

Cathie Wood, CEO of ARK Invest, recently congratulated the Class of 2023 at the University of Southern California Marshall School of Business. During her speech, she suggested that disruptive technologies like artificial intelligence (AI) and blockchain could transform the world more in the next 5-10 years than the personal computer, cellphone, and internet did during her 42-year investment lifetime.

ARK Invest's actively-managed ETFs had more than $11 billion in assets under management this week, and the firm's bitcoin bullishness has extended to other cryptocurrency sectors. Blockworks analyzed ARK's entire ETF portfolio over the past two years to determine how bullish Wood's firm has been on Coinbase over the long haul, as well as additional equities with crypto exposures. The analysis shows that Coinbase was the firm's second-most favored stock across that period, slightly ahead of Zoom and DraftKings. ARK also holds other stocks impacted by the ebbs and flows of crypto markets, including Robinhood, Block, Nvidia, Tesla, Grayscale Bitcoin Trust, and failed crypto bank Silvergate. Overall, weight for ARK's crypto-exposed stocks has jumped 55 percentage points over the past two years, from under 14% to 21%.