Cathie Wood’s Ark Fund Buys 1M Shares of Grayscale Bitcoin Trust

Jafrin  |  Jun 23, 2021

Cathie Wood’s ARK Investment Management buys the Bitcoin dip with the cryptocurrency plunging below $30,000, according to the firm's daily trading summary of its ETF families. Per the report, one of its ETF funds, ARK Next Generation Internet ETF purchased approximately 1,046,002 shares of the Grayscale Bitcoin Trust, estimated to be worth about $30 million.

ARK Next Generation Internet ETF Buys 1M of GBTC

Cathie Wood's ARK Next Generation Internet ETF takes the opportunity to buy Bitcoin’s recent dip to $30,000 by purchasing 1,046,002 shares of Grayscale Bitcoin Trust on 22nd June, according to the firm’s daily trade summary.

In addition to Bitcoin, ARK Innovation ETF also bought 214,718 shares of the largest U.S.-based cryptocurrency exchange Coinbase.

As of yet, the investment firm holds about 8.5 million shares, worth about $238.8 million in Grayscale Bitcoin Trust.

With over 40 years of experience in investing, Cathie Wood founded ARK Investment in 2014 with a focus on “disruptive innovation”, breaking down its portfolio into five segments such as artificial intelligence, robotics, energy storage, DNA sequencing, and blockchain technology.

Bitcoin Bounces Back After Dropping Below $30,000

Bitcoin returned above the $30,000 mark on June 23 after plunging to a five-month low of $28,600 yesterday before managing to climb above a pullback.

The leading cryptocurrency rose as much as 7% in the past 24 hours and is currently trading above $34,000, according to data from CoinGecko.

The digital asset plunged almost 12% yesterday to hit $28,824. Prior to that, the digital asset hadn’t fallen below $30,000 since January.

Bitcoin has lost more than 50% from its all-time high of almost $65,000 in April to dipping below $30,000 yesterday, losing almost half its value.

The value of the cryptocurrency has lost dramatically this year for a range of reasons, including concerns about the environmental impact of Bitcoin mining on China’s stringent crypto crackdown.

However, booming rallies and quick downturns are not uncommon for Bitcoin as the digital asset went through the same fate in 2017 by rising more than 1,000% that year to losing roughly 75% in the following year.

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