Cathie Wood’s ARK Invest adds more Bitcoin exposure as Bitcoin price hit two-year low

November 23, 2022 2:35 pm

Cathie Wood's Ark Investment Management purchased another 176,945 shares worth about $1.4 million in Grayscale’s Bitcoin Trust (GBTC) fund, as crypto market slumped to a two-year low.

The purchase come after the investment fund bought nearly 315,000 GBTC shares totaling $2.8 million last week.

GBTC is an investment vehicle that enable investors gain exposure to Bitcoin without needing to buy and hold the asset. The Bitcoin backing GBTC is custodied by Coinbase.

GBTC shares now trade at a record 45% discount to their net asset value, as negative sentiment continuing to spread following the collapse of crypto exchange FTX.

Ark now holds nearly 6.357 million GBTC shares worth $53 million representing 0.4% of the firm’s total investments.

Ark has also added 1.3 million Coinbase shares, taking its total stake to 8.374 million, which is all time highs.

COIN shares now account for ARK’s 12th-largest position.

Bicoin/USD rose to $16,510 after fell to a two-year low of $15,480 on Monday as investors concerned about the financial health of Genesis.