Originally published on: November 22, 2022
Amid the recent turmoil in the crypto market, Cathie Wood’s ARK Invest has doubled down on its Bitcoin exposure by adding more shares of Coinbase and the Grayscale Bitcoin Trust (GBTC).
The data from Cathie’s Ark reveals that ARK Invest has significantly increased its holdings of COIN and GBTC, despite the challenges posed by the FTX meltdown.
With the FTX contagion still affecting the market, ARK’s decision to invest in these two companies has raised eyebrows. The firm acquired nearly 177,000 GBTC shares on Nov. 21, following a larger purchase of over 273,000 shares on Nov. 15.
As FTX and its related entities face difficulties, GBTC and COIN have also come under scrutiny. Despite the challenges, ARK remains optimistic about the potential of decentralized public blockchains.
Meanwhile, Bitcoin’s price continues to fluctuate, hitting a two-year low on Nov. 21. COIN shares also reached a record low, while GBTC maintained a significant discount compared to the Bitcoin spot price.
Despite the market uncertainties, ARK Invest’s strategic moves reflect its confidence in the long-term potential of Bitcoin and the crypto market.
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