ARK Invest pours $10.8M into Grayscale’s Bitcoin Trust

Thu 22 Jul 2021 ▪ 23h50 ▪ 3 min read — by Violaine Silverstein

Cathie Wood doubles down on crypto-centered stocks as ARK Invest gets more exposure to Coinbase and Grayscale Bitcoin Trust Fund.

ARK Invest buys 450,000 GBTC shares in two days

Over the past two days, Cathie Wood’s company purchased 210,681 COIN (crypto exchange Coinbase shares) worth some $47.39 million (~£34.46 million), as well as 450,224 GBTC worth over $10.8 million (~£7.85 million).

The New York-based firm reported buying 48,977 COIN for the ARK Next Generation Internet ETF and 22,900 COIN for the ARK Innovation ETF on Monday. On Tuesday, the latter purchased another 120,069 shares, and 18,735 more shares went to the ARK Fintech Innovation ETF. ARK Invest also purchased over 310,000 shares of the Grayscale Bitcoin Trust Fund on Monday, and an additional 140,157 shares on Tuesday. Both purchases were made through ARKW.

Coinbase shares are currently trading at $224.96 (+ 4.35%), while GBTC is worth $24.02 (-1.23%).

Cathie Wood buys the dip?

Cathie Wood’s ARK Invest was one of the first to participate in Coinbase’s IPO, buying around $250 million worth of COIN in April 2021. Since then ARK increased its combined stake in Coinbase to $1.3 billion.

It’s a different story with Grayscale’s Bitcoin Trust, however. The last time Wood’s company purchased GBTC was on 23rd June, right around the time Bitcoin wicked below $30,000 for the first time this summer. When Bitcoin dropped below $30,000 on Tuesday, ARK Invest bought $29 million worth of shares in Grayscale’s Bitcoin Trust.

The two last purchases increased ARKW’s total exposure to Grayscale Bitcoin Trust Fund to $216.9 million, which is more than 9 million shares. However, despite the recent purchase, GBTC’s weight in ARKW fell from 3.99% to 3.76%, while Coinbase jumped to 4.07%.

Tesla, Twitter, and Shopify have the highest weighting in ARKW, one of the firm’s flagship ETFs. The fund also owns Square shares which they got for $54 million last Friday.

Both ARKF and ARKK also hold a stake in Square with the combined value of shares in the three funds exceeding $1.8 billion.

Cathie Wood’s ARK Invest has shown immense levels of confidence in the cryptocurrency industry’s future by growing its positions as prices have dropped. Should prices begin to climb again, these holdings acquired at such low levels would have a tremendous payoff.

Subscribe to our daily and weekly newsletter service to receive a digest of the latest news in the cryptosphere and never miss out on any of the Cointribune's highlights!

Violaine Silverstein avatar
Violaine Silverstein

Quand j’ai commencé dans les cryptos il y a 3 ans, il y avait plus de 95% d’hommes et encore très peu de femmes, bon ça n'a toujours pas beaucoup changé, mais les choses bougent et je suis fière de representer les femmes dans ce milieu très technique qui est passionnant et plein d'avenir.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Prices & Indices

BITCOIN (BTCUSD) $23,910.00 3.22%
ETHEREUM (ETHUSD) Ξ $1,851.80 8.67%
DEFI (DEFIPERP) $3,776.90 6.6%
MARKETS (ACWI) $91.31 2.09%
GOLD (XAUUSD) $1,791.80 -0.02%
TECH (NDX) $13,378.33 2.85%
CURRENCIES (EURUSD) $1.03 -0.01%
CURRENCIES (EURGBP) £0.842950 0.03%
CRUDEOIL (USOIL) $91.55 1.15%
IMM. US (REIT) $2,629.10 1.46%
The percentage expresses the change over the past 24 hours BUY CRYPTOS WITHOUT RISK
Crytocurrency Guides
You must complete the form to receive your document.
Our Partners
Crypto.com Logo Crypto.com The cryptos banking app- Visit
OVR The Metaverse Platform- Visit
Bybit The cryptos trading platform- Visit
Sorare Logo Sorare The Worldwide fantasy football- Visit
Huobi logo Huobi Digital Asset Exchange- Visit
Etoro Logo eToro The social trading platform Disclaimer : 67% of retail CFD accounts lose money Disclaimer: 78% of retail CFD accounts lose money - Visit
SandBox Logo TheSandbox Community-driven blockchain game - Visit
Koffy logo Koffy Web3 news aggregator powered by AI!- Visit