Elon Musk, the CEO of Tesla, recently praised ARK Invest’s analysis as “the best” during the last earnings call on July 20. This endorsement is noteworthy as ARK Invest, a pro-crypto asset manager, is one of the largest shareholders of Coinbase Global (COIN), the leading cryptocurrency exchange in the United States.
Musk said users should follow Ark Invest’s research, where they can preview Tesla’s short variances in gross margin and profitability. In his view, these variances are “minor” relative to the long-term picture and holding Tesla’s stock is a “big long-term investment”.
Although Tesla posted all-time high quarterly revenue and stock prices briefly rose after the earnings call, prices slumped in the after-market hours and are lower as of July 22. At press time, Tesla’s stock is trading at $260, 1% lower on the last day.
TSLA price on July 22 | Source: NASDAQ
ARK Invest, Coinbase, And Bitcoin ETF Applications
ARK Invest’s mention can be a boost for the fund manager. Besides analyzing stocks, the Cathie Wood-led firm actively comments on Bitcoin and holds COIN. Recently, Cathie Wood said Bitcoin may rally to $1.5 million by 2030. At the same time, ARK Invest is one of the largest holders of COIN.
The COIN stock price wasn’t spared the market volatility as witnessed in 2022 when crypto asset prices fell as macro-economic factors wrung the market, forcing capital to safe haven, supporting gold and the greenback. However, COIN rebounded in 2023 alongside the recovery of crypto prices, including Bitcoin reaching new all-time highs.
Despite regulatory scrutiny by the Securities and Exchange Commission (SEC), Coinbase is expanding its workforce with plans to recruit more talent. This signals the company’s confidence in its future despite its current headwinds.
Meanwhile, Coinbase Custody, the institutional custody arm of the exchange, is in high demand from Wall Street firms applying for a spot Bitcoin ETF in the US. These firms view Coinbase Custody’s security measures as industry-leading, a critical factor in the SEC’s consideration of approving spot Bitcoin ETFs to protect retail investors from undue risk. Coinbase Custody is insured by Lloyd’s of London and regulated by the New York State Department of Financial Services (NYDFS).
Although the SEC has not yet approved any spot Bitcoin ETFs in the US, the increasing demand for Coinbase Custody among Wall Street funds indicates a positive outlook for potential approval in the near future.
Tesla Holds Bitcoin
Amid Musk’s comment, Tesla has maintained its Bitcoin holdings for four consecutive quarters, indicating Musk’s continued bullish sentiment toward the cryptocurrency. Musk has previously believed that Bitcoin is “one of the few things that are real.”
Musk’s endorsement of ARK Invest and Tesla’s ongoing investment in Bitcoin is considered a positive signal for the cryptocurrency market. It suggests that influential figures in the tech industry see a bright future for Bitcoin.
Scammers are targeting crypto investors through social media platforms like YouTube, WhatsApp, and Telegram, offering fake trading advice and fraudulent investment schemes. They lure victims with fake platforms, celebrity endorsements, and manipulated interactions, leading to significant financial losses.
WeatherlyMeta's AI-powered Ray-Ban glasses now offer live AI, real-time translation, and music recognition, blending advanced features into daily life. Are these smart shades the future of wearable tech?
CatherineAmazon is using AI and machine learning to combat rising impersonation scams, especially during the holiday season. The company has successfully shut down thousands of phishing sites and phone numbers, but stresses the importance of collaboration with other industry players to fight fraud effectively.
AnaisOpenAI has launched a new search feature in ChatGPT, now available to all users, challenging Google’s dominance in the search engine market. The feature offers real-time information with web-sourced citations, marking a significant expansion for OpenAI in the AI-driven search space.
WeatherlyThe US Senate Banking Committee has cancelled Caroline Crenshaw’s renomination, ending her tenure as SEC commissioner. Known for her anti-crypto stance, Crenshaw opposed Bitcoin ETFs and pushed for stricter crypto oversight. While the crypto community celebrates, is the victory premature?
CatherineCrypto.com CEO Kris Marszalek met with President-elect Trump to discuss crypto appointments and Bitcoin reserves, as the exchange dropped its SEC lawsuit. Are more crypto-friendly appointments on the horizon?
KikyoBybit will end its services in France by 8 January 2025 due to strict regulations from the French Financial Markets Authority (AMF). Customers must withdraw funds before the deadline or transfer assets to Coinhouse, a licensed local custodian.
WeatherlyElon Musk accused Senator Elizabeth Warren of backing SBF’s parents, while Warren criticised his D.O.G.E involvement, citing conflicts of interest. Musk defended D.O.G.E, arguing it could curb inflation by cutting government waste. Is this political clash necessary, or just another distraction in crypto debates?
CatherineThe U.S. Treasury sanctioned two Chinese individuals and a UAE-based company for laundering cryptocurrency to fund North Korea’s weapons programmes. The crackdown aims to disrupt Pyongyang’s use of cybercrime and illicit financial networks to support its nuclear ambitions.
AnaisParody X account Richard E. Ptardio, gifted meme coins in his likeness, donated a significant portion to charity after his holdings peaked at $1 million, turning a viral moment into a meaningful gesture.
Kikyo