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Cathie Wood is CEO and Chief Investment Officer of ARK Invest, which manages three of the most profitable ETFs of the past three years.
ARK Invest
Cathie Wood’s Ark ETFs took on crypto-related investments as bitcoin fell below $ 30,000 on Tuesday. Ark CEO’s funds bought more than one million shares of Grayscale Bitcoin Trust and 214,718 shares of Coinbase. Despite recent bitcoin withdrawals, Wood is sticking to his long-term price target of $ 500,000. Sign up for our daily newsletter, 10 things before the opening bell here.
Cathie Wood bought bitcoin down on Tuesday, according to fund statements.
Ark CEO has added 1,046,002 shares of Grayscale Bitcoin Trust to the Internet Ark Next Generation ETF (ARKW). The purchase brought the fund’s total GBTC holdings to around 8.5 million shares worth just under $ 239 million. With a weighting of 4.09%, the Grayscale Bitcoin Trust is the 7th largest holding in the fund. (Tesla is the top).
The value of the Grayscale Bitcoin Trust is derived only from bitcoin and therefore reflects that of cryptocurrency. It fell 13% on Tuesday. Meanwhile, bitcoin fell below $ 30,000, wiping out all of its 2021 gains.
Wood also bought more Coinbase shares. Fund deposits show ETF Ark Innovation (ARKK) added 214,718 shares of the cryptocurrency exchange, which fell 5.3% on Tuesday. The exchange-traded fund now owns around 3.6 million shares of Coinbase worth just over $ 801 million.
After a massive sell-off on Tuesday, cryptocurrencies started to climb again. Bitcoin is currently trading at $ 34,678, while Ether is up 6% to just under $ 2,000. Dogecoin has climbed 41% in the past 24 hours to trade at 24 cents.
Wood remains bullish on bitcoin and even sees it jump to $ 500,000 in the long run. The investor’s very high price target is based on the scenario where all institutional asset managers allocate more than 5% of their portfolios to bitcoin.
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