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Cathie Woods buys the Bitcoin Dip with Grayscale


Cathie Woods ARK Invest has bought Grayscale shares valued at $ 13 million and Coinbase shares valued at $ 43 million in the past two days alone.

The recent slide in Bitcoin’s price below the $ 30,000 mark did not disturb Cathie Wood’s ARK Invest. Because ARK bought more than 140,000 additional shares in the Grayscale Bitcoin Trust (GBTC) for their ARK Next Generation Internet ETF in one day. This goes out of the daily trading records the company.

The ARK Next Generation Internet ETF (which runs under the ticker ARKW on the NYSE) focuses on companies that are pioneering innovations in the Internet. This fund also includes companies such as the electric car maker Elon Musks, Tesla, the second company of Twitter boss Jack Dorsey, Square, Mark Zuckerberg’s Facebook and Snap, the company behind the Snapchat app. The fund’s net worth is currently $ 6.6 billion.

Just one day before that, the ARKW ETF acquired 310,067 shares from GBTC. That adds up to 450,224 GBTC. Since a share has a value of 0.000939715 BTC according to the Grayscale website, this means that ARK Invest has bought the equivalent of more than 420 bitcoins in just two days. In US dollars, that amount equates to over 13 million as the BTC rate bounced back to over $ 32,000 today.


ARK Invest also bought Coinbase shares heavily

But that’s not all. Since Coinbase went public in April, ARK Invest has made major investments several times. So this time too. ARK Invest bought 48,977 Coinbase shares for its ARK Next Generation Internet ETF and 22,900 shares for the ARK Innovation ETF on Monday. The latter bought an additional 120,069 Coinbase shares on Tuesday, and 18,735 more went to the ARK Fintech Innovation ETF. As the name suggests, this deals mainly with emerging FinTech stocks. Its largest holdings include Square, Zillow, Pinterest, PayPal, and Alibaba. The fund’s net worth is currently $ 4.2 billion.

All of these share purchases total $ 47 million. The early days of trading Coinbase shares were quite volatile. In the meantime, however, the situation has stabilized again. The high soaring expected by some has not yet occurred, at the time of writing the stock is trading at around $ 230. For comparison: the opening rate in mid-April was around 100 US dollars above it at 328 US dollars.

The Coinbase test and experience report can be found here.