Asset management firm Ark Invest bought over 310,000 shares of Grayscale Bitcoin Trust on Monday for its ARK Next Generation Internet ETF (ARKW) at $ 25 per share, according to published records from ARK Investment Management.
With every GBTC share redeemable for 0.000939767 Bitcoin, the purchase was worth nearly $ 8 million at press time.
While not earth-shattering given the size of the Ark portfolio, the timing of the move is noteworthy as the company, led by CEO Cathie D. Wood, was over $ 1 the last time Bitcoin price fell below $ 30,000 Million shares of AGB for the ARKW ETF.
In fact, Wood appears eager to increase her exposure to Bitcoin, as the move followed her company adding over 70,000 Coinbase shares to his position.
Led by Wood, Ark increased exposure to GBTC and Bitcoin-related public institutions like Square and Coinbase during the recent slump.
Ark’s largest Bitcoin-related position is Tesla, valued at over $ 2 billion, despite Ark investing in Tesla before that company decided to add Bitcoin to its balance sheet in 2021.
Ark’s fourth largest position is Square, with an allocation worth just over $ 1 billion, and many analysts noted that Wood was part of Dorsey’s plans to develop defibrillator applications and an open source wallet for Bitcoin , has been added to Arks Square holdings.
(No official statement linked the news, although it was widely spread in the media.)
After all, Ark’s third largest stake in Bitcoin is its investment in Coinbase – it holds just over $ 900 million worth of shares. In particular, Ark only strengthened its Coinbase position after the company went public and its share price fell to around $ 220 per share.
Still, some would argue that Wood’s recent Bitcoin-related acquisitions have demonstrated Ark’s strategy of delivering long-term value with a “low correlation to traditional investment strategies.”
Wood, Jack Dorsey and Elon Musk will discuss Bitcoin on Wednesday at the eagerly awaited digital conference “„ Word “.