Market Cap: $3,256,442,859,425
24h Vol: $99,745,435,923
Cryptocurrencies: 26530
Markets: 104100
Cryptocurrencies: 26530
Markets: 104100
Market Cap: $3,256,442,859,425     
24h Vol: $99,745,435,923
Seeking Alpha 2021-02-13 12:12:18

ARK Invest confident Tesla is legitimizing Bitcoin as corporate cash

ARK Invest confident Tesla is legitimizing Bitcoin as corporate cash
In its review of the stocks in its actively-managed funds that moved more than 15% up or down for the week, ARK Investment reiterated its view that Tesla's Bitcoin (BTC-USD) move looks like a game changer.The move "seems to be legitimizing bitcoin as corporate cash," ARK says.Grayscale Bitcoin Investment Trust (GBTC) was up 20% after Tesla (TSLA) announced its investment in crypto.GBTC is the second-largest holding in the ARK Next Generation Internet ETF (ARKW) at 8.34M shares, valued at about $408M. That's up from about 7.31M shares held at the end of Q4, disclosed in ARK's 13-F filed Friday.The Tesla move "seems to have marked a cultural and institutional tipping point for Bitcoin," Yassine Elmandjra, ARK's cryptoasset analyst, said this week on a webinar.A big reason is that Tesla "is both a thriving company and hasn’t had any prior involvement with Bitcoin," he added.ARKW rose 6.6% this past week. The ARK Innovation
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