Cathie Wood, the founder of Ark Invest, recently announced that the assets under management of Ark’s Bitcoin spot ETF have surpassed $1 billion, making it one of the top three Bitcoin spot ETFs. She remains optimistic about the long-term prospects of Bitcoin. In addition, she voiced her support for Elon Musk, the founder of Tesla, and her endorsement was retweeted by Musk.
Ark Invest/21 Shares recently launched the Bitcoin spot ETF “ARKB,” and in just over a month, its assets under management have exceeded $1 billion, reaching approximately $1.3 billion. Cathie Wood attributed this achievement to Ark Invest’s extensive research on Bitcoin and its operational and infrastructure efficiency, excluding Grayscale’s GBTC.
Ark Invest made an optimistic prediction that, in the best-case scenario, if 19.4% of the $250 trillion global investable asset base were allocated to Bitcoin, its price would reach $2.3 million. Cathie Wood stated that Ark’s forecast is for a period of more than five years and focuses on how institutions, countries, and companies will utilize this new asset class.
On the other hand, Cathie Wood also voiced her support for Elon Musk, the CEO of Tesla. Last month, a judge in Delaware ruled that Musk’s $56 billion compensation plan he received in 2018 was invalid due to its excessive nature and its unfairness to shareholders. This decision infuriated Musk, who threatened to move Tesla’s registration from Delaware to Texas. Cathie Wood expressed her support for Musk’s substantial compensation plan, mentioning that 73% of Tesla shareholders, including Ark, support it. She believes that the judge’s ruling essentially deprived Ark of its voting rights as a shareholder and that it goes against the spirit of the United States, making it an anti-investor act and an insult to the Tesla board.
Cathie Wood also supports Tesla’s move of its registration to Texas and Musk’s ability to have a 25% voting stake in Tesla (currently holding 13% ownership) to gain sufficient influence. She believes that visionary leaders need to be able to act according to their own vision rather than being hindered by the board. The board should listen to the opinions of short-term shareholders and be influenced by them.
Musk himself retweeted Cathie Wood’s statement endorsing him.
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