Ark Invest by Cathie Wood as one of the most vocal proponents of bitcoin’s technology bought the BTC dip and invested $20 million in GBTC as we can see more in our latest Bitcoin news today.
Ark Invest by Cathie Wood was the first-ever institutional fund to invest in the Grayscale Bitcoin Trust in 2015 which happened when BTC was worth about $200. One of the signature funds of Cathie Wood, Ark Next Generation ETF reportedly holds about $240 million GBTC shares with indirect exposure to major crypto-assets like Tesla, Square, and Coinbase. Gaining exposure now on the market remains an issue for institutional investors with the US SEC delaying the review and approval of Bitcoin ETFs.
Bitcoin’s recent 40% decline from the highs sparked plenty of interest of institutional investors that are looking to buy more. Billionaire investors like Ray Dalio and Carl Icahn who were skeptics of BTC in the past already bought some of the assets. For Ark Invest it was only a case of buying the dip. The recent SEC filings revealed that Ark Invest purchased about $20 million worth of BTC over the past week and the method of exposure was via Grayscale Bitcoin Trust that accumulated 639,000 shares.
Wood said that BTC had much more room to grow and when the BTC market capitalization is still at $1 trillion, the fund manager went on a CBOE panel that said that one trillion dollars are not much compared to where will Bitcoin end up. Despite the correction on the market recently and the concerns over bitcoin’s mining, it’s clear that Ark remains bullish on BTC and as the market continues to recover, Wood’s investment decision to buy the dip could pay out even more.
Because the risk of inflation has grabbed headlines and increased investor fears of a bear market in equities, especially innovation-based strategies, we would like to share @ARKInvest’s differentiated point of view. https://t.co/wxtuFBKK56
— Cathie Wood (@CathieDWood) May 21, 2021
As recently reported, Ark Invest was the first public fund to invest in BTC back in 2015 via its Grayscale Bitcoin Trust. With the cryptocurrency exchange giant Coinbase direct listing earlier this week on Nasdaq, Wood’s Ark Invest added $350 million in shares. In their end-of-the-week report, we can read that Ark Invest disclosed that they purchased 341,186 shares, and with the shares being purchased across three funds, the ARK Fintech Innovation ETF, Ark Innovation ETF, and ARK Next Generation Internet ETF.
ARKK purchased 282,894 COIN shares whereas AKRW added another 33,092 and 25,200 shares. The latest purchase brings ARK’s total Coinbase holdings to over 1 million shares which are because back on Wednesday when the $COIN started trading, ARK purchased 749,205 shares worth about $350 million.
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