$52 Billion asset management firm buys Bitcoin after BTC price drops below $30,000

Cathie Wood’s asset management firm Ark Invest, which has over $52 billion of assets under management, has purchased 310,000 shares of the Grayscale Bitcoin Trust (GBTC) for its ARK Next Generation Internet ETF (ARKW) at $25 per share.

According to Grayscale’s website, each share of GBTC is redeemable for 0.000939767 BTC, making the purchase worth nearly $8 million. As Bitcoin Magazine reports, while the size of the purchase wasn’t too notable, its timing was as it came right after the price of BTC dipped below the $30,000 mark for the first time in a month.

The last time the price of bitcoin dropped below that threshold, the firm bought 1 million GBTC shares for the ARKW ETF. Under Wood’s direction, the firm has been consistently adding exposure to not only GBTC but also cryptocurrency-related firms such as Square and Coinbase.

Continue reading