The ARK Innovation ETF, managed by Cathie Wood, has renewed interest in Coinbase, which contrasts sharply with Wall Street sentiment. Grayscale Bitcoin Trust (GBTC) is another target for ARK, with 176,945 GBTC shares added on November 21.
While the bankruptcy of FTX and the broader slump in crypto assets have shaken Wall Street’s faith in Coinbase, not everyone is giving up.
Since the beginning of November, Ark Investment Management funds have purchased more than 1.3 million shares of Coinbase (COIN).
The shopping spree, which began shortly after FTX’s collapse, has increased Ark’s total holdings amounting to approximately 4.7% of Coinbase’s total outstanding.
Since the beginning of last week, ARK Next Generation Internet ETF has purchased over 450,000 shares of Grayscale Bitcoin Trust, as its discount to the value of its underlying crypto continues to widen.
Also Read: Cathie Wood Buys Discounted 315K Shares in Grayscale Bitcoin Trust
