Cathie Wood’s Ark Invest is going ham on its purchase of the Grayscale Bitcoin Trust shares. On Monday, New York-based investment management firm Ark bought 310,00 shares and added another 140,000 shares of the Grayscale Bitcoin Trust the next day.
Ark Invest Taking Advantage of Market Crash to Increase Bitcoin Exposure
Ark Invest is certainly taking advantage of the current price dip that Bitcoin took. Barely mid-week, the total purchase of GBTC shares that Ark Invest has made this week comes to roughly $10 million.
Ark Invest made the GBTC shares purchase for its ARK Next Generation Internet ETF (ARKW). There are currently close to half a million in shares in total to this branch of New York-based investment management firm Ark. On the other hand, the total holding of Ark’s GBTC shares comes to 9,155,988.
Public records from Ark Invest show that the firm bought the shares at $25 each. Considering that a single GBTC share is redeemable for 0.000939767 Bitcoin, Ark Invest made a purchase worth roughly $8 million at the time.
New York-based investment management firm Ark last purchase of the GBTC shares was when Bitcoin dipped below the $30,000 mark towards the end of last month. The purchase of Ark’s GBTC shares was even bigger at 1,046,002.
As Others Shy Away, Cathie Wood Keeps Holding On
Apart from Grayscale shares, Cathie Wood’s Ark Invest has also been stacking up on other Bitcoin-related entities. The investment management firm bought 71,877 shares of crypto exchange Coinbase (COIN). During the last market dip of Bitcoin to below $30,000, Ark Invest also purchased 200,000 Coinbase shares.
Cathie Wood’s leadership of Ark Invest is intent on Bitcoin exposure. The Ark Invest CEO has held confidence that Bitcoin will one day plummet to a price of $500,000 per BTC. As other major companies like Tesla are opting out, she continues to add on her exposure to the leading cryptocurrency by market cap.