Cathie Wood’s ARK Invest purchased an additional 310,067 shares of the Grayscale Bitcoin Trust (GBTC) on Tuesday. The total shares were worth approximately $7.8 million at the time of purchase.
Ark Invest purchased Grayscale Bitcoin Trust shares through ARK’s ARKW ETF at the price of $25 per share. With the latest acquisition, ARK now has a total holding of 8,845,921, bringing the weighting of GBTC in the ETF to just over 4.1%.
Various investors are in fear of buying dip given the recent market uncertainty. Ark also added another 71,877 Coinbase (COIN) shares across its ARKF and ARKW ETFs. It continued to show an ever-growing position in crypto-related assets and take advantage of the market dip.
On Friday, ARK also added $53.6 million worth of Square (SQ) shares. It made the purchase just after Jack Dorsey’s announcement on Square making a division dedicated to developing DeFi on Bitcoin. The company has been adding exposure to GBTC and Bitcoin-related public entities such as Square and Coinbase.
Ark’s has shown a great confidence level in the cryptocurrency industry’s future by growing its position as prices have dropped. This is the second big purchase of GBTC shares by ARK Investment within a month.
Cathie Wood became popular for taking a stand in favour of Bitcoin. She is also going to join Jack Dorsey, and Elon Musk to discuss Bitcoin at the highly anticipated “B Word” digital conference on Wednesday.
