ARK Invest bought an additional $ 10.8 million of the Grayscale BTC trust fund qu.

Jul 21, 2021

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ARK Invest bought another $ 10.8 million in Grayscale BTC trusts when Cathie Wood doubled her BTC-focused stocks as we read more Bitcoin news today.

In a tough 48 hours for the crypto markets, Ark Invest bought another $ 10.8 million in Grayscale BTC trusts, led by Cathie Wood. In the past two days, the New York-based company bought 210,681 shares of Coinbase valued at $ 47.39 million and 450,224 GBTC shares valued at more than $ 10.8 million. Right now, one Coinbase share is trading at $ 224 while GBTC closes trading at $ 24.02 on Tuesday.

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According to Ark Invest data, the company bought 48,977 shares of Coinbase for the Generation Internet ETF and 22,900 for the ARK Innovation ETF. More purchases followed as 120,069 Coinbase shares were added to the company and another 18,735 added to the ARK Fintech Innovation ETF. The company then increased its stake in GBTC by 310,067 shares on Monday and 140,157 shares on Tuesday, and both purchases were made through ARKW.

ARK Invest aims to be the first to buy Coinbase shares after it went public on NASDAQ earlier this year. Since then, the company has begun increasing its stake in the San Francisco-based company, increasing its total stake to $ 1.3 billion. For GBTC, that’s a different story, as Wood’s company last bought Grayscale Bitcoin stock a month ago when the price of BTC fell below $ 30,000 for the first time this summer. At press time, BTC is trading at $ 30,932, up 4.3% from the previous day. The last two purchases brought ARKW’s total GBTC holdings to over 9 million shares valued at $ 216.9 million, but despite the rise in shares, GBTC’s stake in ARKW is 3.99% to 3.76% % down as Coinbase entered the top 10 with a new share weighting of 4.07%.

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ARKW is one of the company’s ETFs, led by Tesla, Shopify and Twitter. After purchasing $ 54 million worth of Square shares on Friday, the payments company consolidated its presence and moved up to fourth place. Cathie Wood’s company owns $ 1.8 billion in Square with both ARKK and ARKF.

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