Cathie Woods’ ARK Buys 315K Shares in Grayscale’s Bitcoin Trust
Ark Invest also bought Coinbase during the stock’s drop amid the FTX fallout.Read MoreCoinDesk
Ark Investment Management purchased 315,259 shares worth about $2.8 million in the Grayscale Bitcoin Trust (GBTC) with GBTC currently trading near a record discount to net asset value (NAV) following FTX’s collapse. Grayscale and CoinDesk are both owned by the same parent company, Digital Currency Group.
Ark purchased more GBTC in its ARK Next Generation Internet (ARKW) exchange-traded fund (ETF). The fund currently holds over six million shares of GBTC in ARKW, according to data on Ark’s website, but it’s the fund’s first purchase since July 2021, according to Ark Invest Daily Trades.
GBTC currently trades at a 39.8% discount to NAV.
Ark CEO Cathie Wood said in October that she sees the Grayscale Trust trading at a “fire sale” price given the chance that at some point it will be cleared to convert into a spot exchange-traded fund (if regulators allow).
Last week, ARK Investment Management’s exchange-traded funds (ETF) purchased 237,675 shares in crypto exchange Coinbase (COIN) as the stock retreated amid fallout from the collapse of rival FTX.
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GBTCGrayscale Bitcoin Trustark investment managementCathie Woods
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