ARK Invest grows GBTC and Coinbase reserve in latest correction


Shares of Bitcoin (BTC)-focused companies were highly attractive to asset management firm ARK Invest during the collapse of FTX.

ARCCoinbase (COIN) and Grayscale Bitcoin Trust (GBTC) continue to grow their investments, according to new data.

Cathie Wood takes it from the bottom

While FTX’s bankruptcy still churned the crypto industry, it was notable that ARK chose to increase its investment in the two companies in the firing line.

The company added 176,945 GBTC shares to its reserve on Nov. 21, according to data provided by CEO Cathie Wood’s monitoring resource, Cathie’s Ark.

On November 15, ARK purchased 273,327 GBTC shares.

ARK Invest grows GBTC and Coinbase reserve in latest correction
ARK Invest’s GBTC reserve (screenshot). Source: Cathie’s Ark

Since then, GBTC has been in the spotlight as its parent company Digital Currency Group (DCG) has been having issues with FTX.

Coinbase represents another target of ARK. The company has added 1.3 million COIN shares to its reserve since the beginning of November, bringing its total COIN reserve to 8,374 million shares.

COIN now represents ARK’s 12th largest investment.

ARK Invest grows GBTC and Coinbase reserve in latest correction
ARK Invest’s COIN reserve (screenshot). Source: Cathie’s Ark

On the other hand, Bitcoin price continues to drop in the second week of FTX events.

BTC/USD parity, Cointelegraph Markets Pro and NewsOfFinance According to data, it saw its lowest level in the last two years. Bitcoin, which fell to $ 15,479 on Bitstamp, is trading at $ 15,660 as of the translation publication time.

ARK Invest grows GBTC and Coinbase reserve in latest correction
1-hour candlestick chart of BTC/USD (Bitstamp). Source: NewsOfFinance
Soruce : https://tr.cointelegraph.com/news/cathie-wood-s-ark-invest-adds-more-bitcoin-exposure-as-gbtc-coinbase-stock-hit-new-lows

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