Cathie Wood’s Ark Invest Invests Another $ 10.8 Million Into Grayscale Bitcoin Trust

Ark Invest has now purchased another $ 10.8 million worth of shares in Grayscale’s Bitcoin Trust. The investment firm bought another 2.14 million shares in Grayscale Bitcoin Trust, bringing its total shares in the trust to just over 7 million shares. The company had been steadily increasing its stake in the Bitcoin trust, which currently holds more than 600,000 bitcoins, which translates to roughly 3.1% of the total cryptocurrency supply.

Bitcoin continues to struggle to recover after the digital asset plunged past $ 30,000 in July 2020. So far, the digital asset has rallied beyond the $ 30,000 mark, but the price continues to show that it is suffering since its all-time high in April. Despite this, institutions continue to show more faith in the market despite the fact that the price continues to suffer declines.

Ark Invest and Crypto

Ark Invest, led by CEO Cathie Wood, has always been at the forefront of investing in cryptocurrencies. The investment firm was one of the first to rush to invest in Coinbase when the cryptocurrency exchange first went public earlier this year, trading on the Nasdaq.

In February, Cathie Wood revealed to Yahoo! Finance that she believed the digital asset could skyrocket to $ 400,000. Wood had stated that the crypto space would see more institutional investors enter the market.

“What surprised me and us in general was to see MicroStrategy, which has put all the cash on its balance sheet in bitcoin, even made another share offering so that it could put more cash on its balance sheet. And I think it’s a little crazy because I think regulators will have something to say about it. But then he saw that Square put 1% of all their assets in Bitcoin and I think he will see more of that. “

Cathie Wood had become popular in the investment world by making very risky calls and when those calls turned out to be correct, as in the case of Tesla, the CEO’s notoriety increased enormously.

Wood, who remains bullish on Tesla, remains bullish on the digital asset.

Bitcoin price movements

Bitcoin continues to experience declines and rallies as the price slide continues. The price of the digital asset had plummeted past $ 30,000 for the first time about a month ago, before making a strong rally to continue holding the $ 31,000 resistance point.

In the price crash below $ 30,000 a month ago, Ark Invest had bought $ 29 million worth of shares in Grayscale’s Bitcoin Trust. Obtaining more than 1 million shares at that time.

Ark Invest’s most recent purchase took place on Monday and Tuesday when the coin had dropped below $ 30,000 for the second time in the span of a month.

Ark Invest’s most recent purchase took place on Monday and Tuesday when the coin had dropped below $ 30,000 for the second time in the span of a month.

This appears to present a buying pattern for the investment firm. Every time the price of the digital asset falls below $ 30,000, Ark Invest doubled its investment in Grayscale Bitcoin Trust. Staying true to your CEO’s belief in the future of Bitcoin.

Ark Invest also owns shares in Square adjacent to cryptocurrencies and now has over $ 1B invested in Coinbase.

Reference: newsbtc.com

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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