Bitcoin Crashing Below $30K Not Enough To Deter Cathie Wood — Ark Adds Another $31M In Coinbase, $3.4M In GBTC

Bitcoin Crashing Below $30K Not Enough To Deter Cathie Wood — Ark Adds Another $31M In Coinbase, $3.4M In GBTC

Cathie Wood-led Ark Investment Management is ramping up cryptocurrency play even as the Bitcoin BTC/USD price plummeted below $30,000, wiping out nearly all of its 2021 gains.

The popular investment management firm on Tuesday snapped up 138,804 shares, estimated to be worth about $31.22 million, in Coinbase Global Inc COIN.

Shares of the cryptocurrency exchange closed 1.97% higher at $224.96 on Tuesday and were down 0.2% in after-hours trading.

The New York-based investment firm bought the shares via the Ark Fintech Innovation ETF ARKF and the Ark Innovation ETF ARKK on Tuesday but also holds a stake in Coinbase via the Ark Next Generation Internet ETF ARKW.

Together, the three ETFs held 5.67 million shares, worth around $1.25 billion, in Coinbase ahead of Wednesday’s trades.

See Also: Cathie Wood Loads Up Heavily On Bitcoin Plays Coinbase, Grayscale Bitcoin Trust On Dip

Ark Invest, which counts Tesla Inc TSLA as its top holding, is on Wednesday chairing a discussion on Bitcoin adoption with Elon Musk and Square Inc SQ CEO Jack Dorsey.

The New York-based Ark Invest also snapped up 140,157 shares, estimated to be worth about $3.36 million in  Grayscale Bitcoin Trust GBTC — the largest Bitcoin fund — on the dip.

GBTC shares closed 4.87% lower at $24.02 on Tuesday and have fallen about 31.5% so far this year.  

Ark deployed ARKW to buy the GBTC shares. No other Ark ETF holds the GBTC shares.

The investment firm held about 8.84 million shares, worth about $223.35 million in Grayscale Bitcoin Trust ahead of Wednesday’s trades.

Some of the other key Ark trades on Tuesday included selling some shares of Pure Storage Inc PSTG and Opendoor Technologies Inc OPEN and buys included UiPath Inc PATH.

Posted In: ARK Investment ManagementBitcoinCathie WoodCryptocurrencyLong IdeasNewsSector ETFsMarketsTrading IdeasETFs

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