Cathie Wood, the founder of Ark Invest, recently announced that the assets under management of Ark’s Bitcoin ETF have exceeded $1 billion, making it one of the top three Bitcoin ETFs. She remains optimistic about the long-term prospects of Bitcoin. Additionally, she has voiced her support for Elon Musk, the founder of Tesla, and her endorsement has been retweeted by Musk.
Ark Invest and 21 Shares recently launched their Bitcoin ETF, ARKB, which has been listed for over a month. In a recent interview with Yahoo Finance, Cathie Wood stated that the assets under management of ARKB have surpassed $1 billion, reaching approximately $1.3 billion. Excluding Grayscale’s GBTC, the current largest Bitcoin ETFs by assets under management are BlackRock and Fidelity, with ARKB ranking third. Wood attributes this achievement to Ark Invest’s extensive research on Bitcoin and its operational and infrastructural efficiency.
Ark Invest has made an optimistic prediction that, under the best circumstances, the price of Bitcoin could reach $2.3 million, assuming a 19.4% allocation of the global $250 trillion investable asset base to Bitcoin. Wood clarified that Ark’s forecast is for a timeframe of over five years and focuses on how institutions, countries, and companies will utilize this new asset class.
In addition, Cathie Wood has voiced her support for Elon Musk, the CEO of Tesla. Last month, a Delaware court judge ruled the invalidity of Musk’s $56 billion compensation plan from 2018, citing the excessive nature of the remuneration and its unfairness to shareholders. This decision greatly angered Musk, who threatened to move Tesla’s registration from Delaware to Texas. Wood expressed her support for Musk’s substantial compensation plan, highlighting that 73% of Tesla shareholders, including Ark Invest, support it. She believes that the judge’s ruling essentially deprived Ark of its voting rights as a shareholder and that the ruling goes against the spirit of America and is an insult to Tesla’s board.
Furthermore, Cathie Wood supports Tesla’s relocation to Texas and Musk’s goal to have a 25% voting stake in Tesla (he currently holds a 13% stake). She believes that visionary leaders should be able to act according to their own vision without being hindered by the board. She criticizes boards that listen to the opinions of short-term shareholders and allow themselves to be influenced by them. Musk himself retweeted Wood’s statement in support of him.
Related Reports
Ark Invest’s top holding isn’t NVIDIA or Tesla, it’s this cryptocurrency company.
“Bet 25% of the fortune on BTC”: Ark Invest pushes Bitcoin to $1.5 million by 2030 with its ETF.
Ark Invest’s Bitcoin ETF approved this week – don’t underestimate the power of institutional buying.