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Cathie Wood, the founder, CEO, and CIO of investment management company Ark Invest bought the recent Bitcoin (BTC/USD) dip. A report unveiled this news on June 23, noting that the star investor bought upwards of 1 million shares in the Grayscale Bitcoin Trust when BTC slipped below $30,000.00 (£21,470.00) on Tuesday. Reportedly, Wood’s ARK Next Generation Internet ETF (ARKW) purchased 1,046,002 GBTC shares.

According to the report, this purchase saw the fund’s total GBTC holdings rise to approximately 8.5 million shares. These holdings are worth $236.22 million (£169.05 million), seeing as GBTC is currently trading at $27.79 (£19.89). While purchasing the shares, BTC was trading at $28,893.62 (£20,680.18), and GBTC’s value had also taken a blow to trade as low as $24.00 (£17.18). With this purchase, GBTC became the seventh-largest holding in ARK Next Generation Internet ETF.

On the same day, Ark Invest ETF (ARKK), which focuses on disruptive innovation in tech among other sectors, also purchased an additional 214,718 Coinbase shares (COIN), bringing its total COIN holdings to 3.6 million. Based on COIN’s closing price of $222.47 (£159.24) on Tuesday, Ark Invest ETF had to part with $47.8 million (£34.21 million) to purchase the shares. At the time of writing, 9:28 AM UTC, COIN is trading at $226.01 (£161.77), which brings the fund’s COIN holdings to a total of $820 million (£586.64 million). Reportedly, COIN comprises 3.5% of ARKK and is currently the 10th-largest holding in the fund.

ARKW’s purchase of the GBTC shares when BTC had plummeted showcased Wood’s bullish outlook on the leading cryptocurrency. After the purchase, BTC quickly bounced back from the selloff and is currently changing hands at $33,438.69 (£23,929.23). Although this value means the coin has shed almost 50% of its value after hitting an all-time high of $64,863.10 (£46,417.01), Wood still believes BTC will soar to unprecedented heights.

This news comes after Wood predicted that BTC would hit $500,000 (£357,884.20). At the time, she said the entrance of institutional investors into the BTC market would drive the coin’s price beyond such heights. In a subsequent interview in May, Wood reaffirmed that she still believes BTC will soar to such levels in the long term. 

While BTC’s rise above $60,000 (£42,946.10) saw concerns over its energy consumption loom, Wood was quick to defend the coin saying that it would facilitate the adoption of renewable energy to an unfathomed level. She also reassured BTC investors that despite regulators tightening their clampdowns on the coin, it can’t be shut down.

The post Report: ARK Invest bought 1M GBTC after BTC plunged below $30K appeared first on Invezz.

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