ARK Invest purchased $29 million shares in GBTC during the crash during the Tuesday trading session as we are reading more in our latest cryptocurrency news today.

ARK Invest purchased more than 1 million shares of the Grayscale BTC trust, going big during the BTC drop below $30,000. According to the data by the investment firm, the addition of 1,046 GBTC was made through Ark Next Generation Internet ETF as one of the company’s six actively managed funds. The purchase brought ARKW’s total holdings to almost 8.6 million shares worth $238 million so with a weight of 3.99% GBTC is the seventh biggest holding in the fund which is then topped by Shopify, Tesla, and Twitter. GBTC commands $21.9 million in assets under management as the olders and largest crypto fund launched by the New York-based company Grayscale Investment and offers investors SEC-regulated exposure to BTC and tracks the price of the benchmark crypto. One GBTC share is now trading at $28.96.

BTC has recovered slightly, changing hands at $34,000 at the time of writing. In the purchase worth nearly $50 million, Ark Invest added 214,718 shares of cryptocurrency Coinbase to its innovation fund. The fund holds over 3.6 million shares in the crypto exchange that is worth more than $820 million. ARK Invest was among the first to purchase the Coinbase stock after it debuted on the Nasdaq in April this year. Wood joined last month to the board of crypto technology platform Amun Holdings is known as a vocal supporter of BTC and sees it going to $500,000 in the long run. Wood joined the board last month of Amun Holdings because he is known as the most vocal supporter of BTC and sees it going even higher. Earlier this year, she said that BTC is a new asset class that will serve as a reserve currency.

Ark Invest by Cathie Wood was the first-ever institutional fund to invest in the Grayscale Bitcoin Trust in 2015 which happened when BTC was worth about $200. One of the signature funds of Cathie Wood, Ark Next Generation ETF reportedly holds about $240 million GBTC shares with indirect exposure to major crypto-assets like Tesla, Square, and Coinbase. Gaining exposure now on the market remains an issue for institutional investors with the US SEC delaying the review and approval of Bitcoin ETFs.

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Source: https://www.dcforecasts.com/altcoin-news/ark-invest-purchased-29m-shares-in-gbtc-during-the-crash/