Cathie Wood’s ARK Invest adds more Bitcoin exposure as GBTC, Coinbase stock hit new lows

Bitcoin (BTC) companies’ shares are a significant “purchase” for asset supervisor ARK Invest within the midst of the FTX meltdown.

The latest data confirms that ARK continues to up its holdings of each alternate Coinbase (COIN) and the Grayscale Bitcoin Trust (GBTC).

Cathie Wood buys the dip

With FTX contagion nonetheless rippling by way of the crypto business, ARK’s determination so as to add exposure to 2 companies caught within the firing line stands out.

According to numbers provided by CEO Cathie Wood’s devoted monitoring useful resource, Cathie’s Ark, the agency added 176,945 GBTC shares on Nov. 21.

These be part of a bigger tranche of 273,327 shares from Nov. 15, that buy accomplished only a week after FTX fell apart.

Since then, GBTC has come under the spotlight as dad or mum firm Digital Currency Group (DCG) battles FTX issues of its personal.

Coinbase is in the meantime one other goal for ARK. Since the beginning of November, the agency has added 1.3 million COIN shares, taking its complete stake to eight.374 million — close to all-time highs.

COIN shares now account for ARK’s Twelfth-largest place.

Commenting on the FTX debacle in its newest newsletter, ARK acknowledged the potential implications for DCG firm Genesis Trading, and warned that different “counterparty” entities could also be subsequent.

“That stated, our conviction in decentralized and clear public blockchains is as sturdy as ever,” it nonetheless added.

“In this case and others, decentralization and transparency are paramount as antidotes to the gross mismanagement related to centralized intermediaries, to not point out fraudulent centralized intermediaries.”

BTC worth hits new two-year lows

Bitcoin worth motion in the meantime continues to say no, two weeks after issues at FTX spiraled uncontrolled.

Related: Bitcoin price levels to watch as traders bet on sub-$14K BTC

BTC/USD hit recent two-year lows on Nov. 21, information from Cointelegraph Markets Pro and TradingView reveals.

The pair dipped to $15,479 on Bitstamp after the Wall Street open, recovering solely barely to circle $15,750 on the time of writing.

COIN itself hit a file low on the similar time, whereas equally embattled GBTC retained the vast majority of its discount at over 40% versus the Bitcoin spot worth regardless of ARK’s buy-in.

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