Ark Invest, one of the biggest Bitcoin whales in the market, and its founder, Cathie Wood, went after a new stock market token.
Institutional Bitcoin whale grows its share in this stock market
Ark Invest’s ETF product, founded by Cathie Wood, adds Coinbase to its list of investments. ARK’s Fintech Innovation Fund (ARKF) added 10,880 Coinbase shares, bringing its total investments to $60.5 million. Thus, Coinbase’s share reached about 8% of the fund’s weight.
According to the SEC, this represents ARK’s first purchase of Coinbase stock since June. In August, ARK’s Chief Investment Officer, Cathie Wood, said that the fund had reduced its funds on Coinbase due to an SEC investigation into the crypto exchange.
Wood described the investigation as a “thesis risk” for Coinbase at the time. He also said that ARK will sell 1.1 million shares of COIN, which he says are “too few”. Both Wood and ARK remain quite optimistic about Coinbase and crypto in general. 13F filings show that ARK owns 7.7 million COIN shares. However, the company has added nearly 2 million shares to its portfolio over the past year. The filings show that ARK pays an estimated average of $218.45 over all COIN purchases.
Cathie Wood hasn’t given up on Bitcoin for years
While expanding the ARK portfolio with Coinbase, Cathie Wood has never given up on Bitcoin. The ARK founder and CEO says he made the purchase after reading the Satoshi whitepaper. Wood said in a new podcast that he bought $100,000 while BTC was trading at $250. She also stated that she has never downsized this investment so far. As a result, Wood’s initial $100,000 investment now amounts to $7.6 million.
ARK also invests in Bitcoin products through the Grayscale Bitcoin Trust (GBTC). The Next Generation Internet Fund (ARKW) currently owns approximately 5.9 million GBTC shares valued at approximately $67.4 million. Wood remains bullish about Bitcoin.
GBTC down
Grayscale’s Bitcoin Trust product GBTC has sought new bottoms throughout the month as the Bitcoin fund suffered a record 35.18% drop against spot prices. GBTC’s spot discount has been on the ground for a total of 577 consecutive days.
Grayscale Bitcoin Trust is one of the oldest and most popular Bitcoin funds on the market today. However, recently GBTC has suffered from a discount compared to BTC’s spot market caps. Unfortunately GBTC has been trading at a discount instead of a premium since February 26, 2021, or about 577 days. cryptocoin.comAs you follow, the Grayscale Bitcoin Trust (GBTC) price has dropped to $11,000 in the past few weeks.
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