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Cathie Wood’s Ark Invest Buys Additional 300K Shares of the Grayscale Bitcoin Trust (GBTC)

Cathie Wood’s Ark Invest Buys Additional 300K Shares of the Grayscale Bitcoin Trust (GBTC)
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While Bitcoin (BTC) continues to trade under pressure, institutions are back at buying the dips once again. On Monday, July 19, Cathie Wood’s Ark Investment purchased an additional 300K of the Grayscale Bitcoin Trust (GBTC).

As reported by The Street citing the subscription to Ark’s trading activity, the investment firm purchased 310,067 shares of GBTC at the price of $25 per share via the ARK Next Generation Internet ETF (ARKW). The net purchase was nearly worth $7.8 million.

This is a second big purchase of GBTC shares by Ark Investments within a month’s time. Last month Ark purchased a massive one million shares of the Grayscale Bitcoin Trust when the BTC price took a dive under $30,000. Thus, it’s safe to assume that every time Bitcoin approaches closer to $30K levels, Ark makes a move to make more purchases.

Interestingly, the fresh buying comes at a time when there’s all the buzz going around about the unlocking of the GBTC shares. Even if any selling pressure persists post the unlock, giants like Ark are scoop more shares at a lower price.

While short-term retail investors have been in a panic mode selling Bitcoin at a loss, institutional players continue to accumulate. Ark Investments is not a case in isolation! As CoinGape reported, Rothschild Investments purchased over 100K shares of the Grayscale Bitcoin Trust (GBTC) over the last quarter.

Cathie wood’s Affinity to Crypto World

Cathie Wood has been ultra bullish on the long-term futures of Bitcoin and the overall crypto space. Besides, she has gained immense popularity for taking some bold bets in the crypto space.

Cathie wood’s Ark Investments was one of the early investors in Coinbase (NASDAQ: COIN) pouring around $250 million during its public listing ahead this year in April 2021. On Monday, Ark also purchased an additional 71,877 Coinbase (COIN) shares. Coinbase is Ark’s third-largest Bitcoin-related holding. The company has so far invested nearly $1 billion in Coinbase.

Ark’s largest holding in a firm with Bitcoin exposure is Tesla (NASDAQ: TSLA). Through the ARKW fund, Ark invested a massive $2 billion in Tesla even before the electric carmaker added Bitcoin to its balance sheet.

Last Friday, Ark also announced that it holds $53.6 million worth of Square (SQ) shares across several different ETFs. Cathie Wood will be speaking along with Square CEO Jack Dorsey at the B-word conference on Wednesday, July 20.

The post Cathie Wood’s Ark Invest Buys Additional 300K Shares of the Grayscale Bitcoin Trust (GBTC) appeared first on Coingape.


Source: Coingape


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