Cathie Wood's ARK Invest adds more Bitcoin exposure as GBTC, Coinbase stock hit new lows

2 years ago

ARK Invest scoops up bargains arsenic Coinbase shares deed all-time lows and GBTC trades astatine a near-50% discount to the already suppressed Bitcoin spot price.

Cathie Wood's ARK Invest adds much Bitcoin vulnerability arsenic GBTC, Coinbase banal deed caller lows

Bitcoin (BTC) firms’ shares are a large “buy” for plus manager ARK Invest successful the midst of the FTX meltdown.

The latest data confirms that ARK continues to up its holdings of some speech Coinbase (COIN) and the Grayscale Bitcoin Trust (GBTC).

Cathie Wood buys the dip

With FTX contagion inactive rippling done the crypto industry, ARK’s determination to adhd vulnerability to 2 firms caught successful the firing enactment stands out.

According to numbers supplied by CEO Cathie Wood’s dedicated tracking resource, Cathie’s Ark, the steadfast added 176,945 GBTC shares connected Nov. 21.

These articulation a larger tranche of 273,327 shares from Nov. 15, that acquisition completed conscionable a week aft FTX fell apart.

Since then, GBTC has come nether the spotlight as genitor institution Digital Currency Group (DCG) battles FTX problems of its own.

Coinbase is meantime different people for ARK. Since the commencement of November, the steadfast has added 1.3 cardinal COIN shares, taking its full involvement to 8.374 cardinal — adjacent all-time highs.

COIN shares present relationship for ARK’s 12th-largest position.

Commenting connected the FTX debacle successful its latest newsletter, ARK acknowledged the imaginable implications for DCG institution Genesis Trading, and warned that different “counterparty” entities whitethorn beryllium next.

“That said, our condemnation successful decentralized and transparent nationalist blockchains is arsenic beardown arsenic ever,” it nevertheless added.

“In this lawsuit and others, decentralization and transparency are paramount arsenic antidotes to the gross mismanagement associated with centralized intermediaries, not to notation fraudulent centralized intermediaries.”

BTC terms hits caller two-year lows

Bitcoin terms enactment meantime continues to decline, 2 weeks aft problems astatine FTX spiraled retired of control.

BTC/USD deed caller two-year lows connected Nov. 21, information from Cointelegraph Markets Pro and TradingView shows.

The brace dipped to $15,479 connected Bitstamp aft the Wall Street open, recovering lone somewhat to ellipse $15,750 astatine the clip of writing.

COIN itself deed a grounds debased astatine the aforesaid time, portion equally embattled GBTC retained the bulk of its discount at implicit 40% versus the Bitcoin spot terms contempt ARK's buy-in.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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