Ark Invest has increased its stash by acquiring an additional 310,000 shares of Grayscale Bitcoin Trust (GBTC), as the flagship cryptocurrency fell below $ 30,000 on Tuesday.
The asset management firm with more than $ 52 billion in assets under management bought the shares of its ARK Generation Internet (ARKW) ETF at $ 25 per share.
Each GBTC share can be recovered for 0.000939767 BTC, bringing the total investment to approximately $ 8 million.
As reported by BTC PEERS, Bitcoin fell below $ 30,000 on Tuesday after a month of sideways trading. The timing of the purchase was flawless as the price of Bitcoin quickly rebounded.
Ark Invest appears to be actively buying the drop. The last time a similar drop occurred, the company acquired 1 million GBTC shares for ARKW ETF.
Ark Invest CEO Cathie Wood has steered the company toward consistent exposure in the crypto industry by building partnerships with Square, Coinbase, and Grayscale.
Since Ark Invest’s last purchase of BTC, the price of the digital asset has risen from about $ 29,500 to about $ 32,000. Meanwhile, Ark Invest isn’t the only company that has been hoarding BTC lately. Several other institutional players are actively buying the cryptocurrency.
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