Ark Invest buys one million GBTC shares – Bitcoin News

Cathie Wood, the founder of Ark Invest, bought the dip this Tuesday when bitcoin prices fell below $ 30,000. Ark has reportedly acquired more than a million shares in the Grayscale Bitcoin Fund. The company also bought additional shares in Coinbase. Wood has a positive stance on crypto and continues to predict that Bitcoin will hit a long-term price of $ 500,000.

Ark Invest buys a million shares

Dips are for sale: that’s the popular saying in bull markets. And Cathie Wood, founder and CEO of Ark Invest, did just that. Ark reportedly took advantage of the drop in prices to purchase more than a million shares in the Grayscale Bitcoin Fund. These stocks were bought for the ARK Next Generation Internet ETF, a fund based on technology, mobile and cloud companies. This fund currently holds more than 8 million GBTC shares totaling nearly $ 240 million invested in Bitcoin only.

Wood shows that she is putting her money into her words. She said she has a positive stance on Bitcoin and believes the price could hit $ 500,000 in the not too distant future. Wood achieved almost prophetic status after predicting the surge in Tesla’s stock price. However, she is not only optimistic about Bitcoin.

Ark also bought more Coinbase shares during the dip event. The company managed to add more than 200,000 Coinbase shares last Tuesday and include them in its Ark Innovation ETF. Ark now holds 3,631,850 shares of the exchange for a total investment of $ 821 million.

GBTC Premium Rebounds

Wood appears to have done it for now, as Bitcoin prices rebounded above the $ 30,000 level in just two days. Also, the momentum of the GBTC fund seems to have benefited Ark’s movement as well. While the Grayscale Bitcoin Fund seeks to track the price of Bitcoin to provide exposure to institutional investors, there is always an imbalance in relation to the actual price.

That deficit has closed 66% since last week, however, and GBTC stocks are now trading at a discount of only 4% compared to real bitcoin at current market prices. As a result, Wood’s investment has increased by almost 10% due to this phenomenon.

Wood’s investment in Coinbase has been heavily criticized: the stock has performed poorly since its inception via a direct listing. But Wood is confident it will catch up. This isn’t the first time Ark has bought the dip on Coinbase: the company bought 1.2 million shares last May.

What do you think of Cathie Wood’s latest bet on Bitcoin? Let us know in the comments section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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