Despite Bitcoin’s big sell-off, New York investment firm Ark Invest is continuing to load up on exposure to the world’s largest digital asset alongside other institutions.
Ark Invest, founded by CEO and CIO Cathie Wood in 2014, has outperformed the market for years now, drawing attention from Wall Street as forward thinkers in traditional finance.
The firm has used its Ark Next Generation Internet ETF (ARKW), which focuses on companies that are disrupting the traditional internet, to invest in BTC through the digital asset management giant Grayscale.
ARKW ETF trades from June 22nd reveal that Ark Invest bought the Bitcoin dip, adding a massive 1,046,002 shares of the Grayscale Bitcoin Trust (GBTC), currently valued at just over $30.3 million.
Ark manages several exchange-traded funds (ETFs) focusing on the innovation sector, including robotics, 3D printing, space exploration, and more.
At the time of writing, Bitcoin is trading at $33,500, down nearly 50% from its all-time high.
Cathie Wood has remained a strong advocate for Bitcoin and cryptocurrencies through the recent market turmoil. After Bitcoin sharply fell to $30,000, Wood told Bloomberg in an interview that she maintains her bullish outlook on the crypto asset and says that the current capitulation is a great buying opportunity.
“We were looking at all the indicators this morning, they’re all suggesting that we are in the capitulation phase, which is a really great time to buy. No matter what the asset is, capitulation is a buy. It’s on sale. Am I saying $35,000 is the low?
Traders, and there are a lot of speculators in Bitcoin, if they are running for the hills just because Bitcoin has broken through a moving average that is important to them… [The correction] could continue, but all our indicators are saying this is capitulation right now.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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The post Undeterred: Ark Invest Purchasing 1,046,002 Shares of Grayscale Bitcoin Trust After Crypto Crash appeared first on The Daily Hodl.
source https://dailyhodl.com/2021/06/24/undeterred-ark-invest-purchasing-1046002-shares-of-grayscale-bitcoin-trust-after-crypto-crash/