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Cathie Wood's ARK Buys the Bitcoin Dip

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Wed, 06/23/2021 - 05:59
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Alex Dovbnya
Cathie Wood's ARK has increased its Bitcoin stake on the recent dip
Cathie Wood's ARK Buys the Bitcoin Dip
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While Bitcoin’s recent dip below $30,000 made even some of the most ardent bulls panic, Cathie Wood’s ARK Investment Management bought the dip.

The ARK Next Generation Internet ETF purchased 1,046,002 shares of Grayscale Bitcoin Trust on Tuesday, according to the firm’s daily trade summary.

As of Wednesday, the fund has a 4.57 weight in GBTC. The trust’s shares represent ARK Next Generation Internet ETF’s third biggest holding (behind only Square and Tesla).   

Meanwhile, ARK Innovation ETF also bought 214,718 shares of Coinbase, the largest U.S. crypto exchange.

Yesterday, Bitcoin plunged to a five-month low of $28,600 before bulls managed to stage a comeback. The flagship coin is currently trading at $34,157 on the Bitstamp exchange. 

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As reported by U.Today, Wood predicted that Bitcoin could reach $500,000.

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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.