The recent significant price drop that pushed the price of bitcoin to drop below $ 30,000 did not stop Cathie Wood’s investment management company, ARK Invest from doing ‘crazy work’. The company announced that they bought more than 140,000 additional shares of Grayscale Bitcoin Trust in a day for the ARK ETF.
Major crypto assets experienced a sharp decline yesterday by making a drop from $ 31,000 to a monthly low of $ 29,200 in a matter of hours. Although cryptocurrency sentiment is not very good or can be said to be negative, in addition, the year -on -year index shows ‘extreme fear’ but it does not stop ARK Invest from taking advantage by buying crypto during the discount period.
The company’s trading records show that they had amassed 140,157 shares of Grayscale Bitcoin Trust as of July 20th. This comes a day after ARKW ETF bought 310,067 shares of GBTC. Thus, the total purchase for the two days is equivalent to 450,224 GBTC.
This is when compared to BTC units, ARK Invest has bought more than 420 bitcoins on July 19 and July 20. In other words, an investment worth $ 13 million has been invested.
In addition to amassing GBTC shares, ARK Invest is among the backers of Coinbase and their crypto stocks. ARK Invest bought 48,977 COIN crypto shares for the ART Next Generation Internet ETF and 22,900 for the ARK Innovation ETF on Monday. Then added another holding of 120,069 COINs on Tuesday, and 18,735 for the ARK Fintech Innovation ETF.
At the time of writing the BTC price has managed to make an increase of 6.81% to the price of $ 31,553.01 per unit.
