Bitcoin (BTC) firms’ shares are a major “buy” for asset manager ARK Invest in the midst of the FTX meltdown.
The latest data confirms that ARK continues to up its holdings of both exchange Coinbase (COIN) and the Grayscale Bitcoin Trust (GBTC).
Cathie Wood buys the dip
With FTX contagion still rippling through the crypto industry, ARK’s decision to add exposure to two firms caught in the firing line stands out.
According to numbers supplied by CEO Cathie Wood’s dedicated tracking resource, Cathie’s Ark, the firm added 176,945 GBTC shares on Nov. 21.
These join a larger tranche of 273,327 shares from Nov. 15, that purchase completed just a week after FTX fell apart.
ARK Invest GBTC holdings chart (screenshot). Source: Cathie’s Ark
Since then, GBTC has come under the spotlight as parent