The founder of Ark Investment Management and a star stock picker, Cathie Wood, purchased more than 315,000 shares of Grayscale Bitcoin Trust (GBTC) worth approximately $2.8 million. Following FTX’s demise, the beleaguered crypto fund’s record discount to assets is around 37%.
This is the first purchase of GBTC for the ARK Next Generation Internet exchange-traded fund since July 2021.
Grayscale Bitcoin Trust owns and tracks Bitcoin, closely mirroring its performance.
The continued widening of the GBTC discount indicates a decline in institutional demand for bitcoin, combined with the readily available retail availability of bitcoin exchange-traded funds.
ARK Investment Management’s ETF purchased 237,675 shares of Coinbase last week.
Also Read: Ark Investment Teams up with 21 Shares for Bitcoin Futures ETF
