Ark Invest has now purchased another $10.8 million in Grayscale’s Bitcoin Trust. The investment firm purchased an additional 2.14 million shares in the Grayscale Bitcoin Trust, bringing its total holdings in the trust to slightly more than 7 million. The company had been steadily increasing its stake in the Bitcoin trust, which now holds over 600,000 bitcoins, or roughly 3.1 percent of the total supply of the cryptocurrency.
Bitcoin is still struggling to recover after falling below $30,000 in July 2020. Although the digital asset has risen over the $30,000 level, it is still below its all-time high reached in April. Despite this, even as prices continue to decrease, institutions continue to express increased confidence in the market.
Ark Invest And Crypto
Ark Invest has always been at the forefront of bitcoin investment, led by CEO Cathie Wood. When Coinbase went public on the Nasdaq earlier this year, the investment firm was one of the first to jump in.
Cathie Wood told Yahoo! Finance in February that she believed the digital asset could reach $400,000 in value. Wood predicted that more institutional investors would enter the cryptocurrency market. MicroStrategy, which has invested all of its cash on its balance sheet in bitcoin — and even launched another equity offering to put additional cash on its balance sheet – astonished me and others by showing up. And I think that’s a little insane, because I believe the regulators will have something to say about it. But then you saw Square invest 1% of its total assets in Bitcoin, and I believe you’ll see more of that in the future.
Cathie Wood rose to prominence in the investment world by making extremely risky predictions, and when those predictions proved correct, as in the case of Tesla, the CEO’s notoriety skyrocketed.
Wood, who is still bullish on Tesla, is also bullish on the digital asset. Bitcoin Price Changes As the price crash continues, Bitcoin experiences dips and recoveries.
Bitcoin price fluctuations
As the price crash continues, Bitcoin experiences dips and recoveries. The digital asset’s price had dropped below $30,000 for the first time about a month ago, before making a sharp recovery to maintain its hold on the $31,000 resistance level. Ark Invest put $29 million into Grayscale’s Bitcoin Trust when the price of bitcoin went below $30,000 a month ago. It had over 1 million shares at the time.
Bitcoin Price Prediction Ark Invest made its most recent purchase on Monday and Tuesday, when the coin fell below $30,000 for the second time in a month. This looks to be a buying pattern for the investment company. Ark Invest quadrupled their investment in the Grayscale Bitcoin Trust after the digital asset’s price plummeted below $30,000. Staying true to its CEO’s belief in bitcoin’s future. Ark Invest also has a stake in the crypto-adjacent Square and has more than $1 billion invested in Coinbase.