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Cathie Wood's ARK Buys More Shares of Grayscale Bitcoin Trust on Tuesday Dip

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Wed, 07/21/2021 - 05:04
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Alex Dovbnya
Cathie Wood shows that her conviction is still strong by buying another Bitcoin dip
Cathie Wood's ARK Buys More Shares of Grayscale Bitcoin Trust on Tuesday Dip
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Cathie Wood's ARK Invest bought an additional 140,157 shares of Grayscale Bitcoin Trust for its ARK Next Generation Internet ETF on Tuesday, according to its trading records that get published on a daily basis. 

This comes after the famed asset management firm added 310,000 GBTC shares on Monday.  

ARK Next Generation Internet ETF, which primarily offers exposure to such technologies as artificial intelligence, big data, deep learning, and blockchain, currently owns 9 million GBTC shares whose total market value stands at $216 million. The shares of Grayscale’s crown jewel currently represent its eighth biggest holding. 

The ETF also has $234 million worth of Coinbase shares. It added more exposure to America’s largest cryptocurrency exchange earlier this week.

Tesla, Twitter, and Shopify remain the three biggest holdings of the widely-tracked exchange-traded fund.  

ARK
Image by ark-funds.com

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A timely trade

ARK Invest’s most recent cryptocurrency buys came amid a significant market correction.

Bitcoin dropped to $29,293, its lowest level in almost a month on July 20, dragging the rest of the market with it.

As reported by U.Today, Wood recently predicted that the largest cryptocurrency could eventually reach $500,000 in the long run.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.