Cathie Wood’s asset management firm Ark Invest, which has over $52 billion of assets under management, has purchased 310,000 shares of the Grayscale Bitcoin Trust (GBTC) for its ARK Next Generation Internet ETF (ARKW) at $25 per share.

According to Grayscale’s website, each share of GBTC is redeemable for 0.000939767 BTC, making the purchase worth nearly $8 million. As Bitcoin Magazine reports, while the size of the purchase wasn’t too notable, its timing was as it came right after the price of BTC dipped below the $30,000 mark for the first time in a month.

The last time the price of bitcoin dropped below that threshold, the firm bought 1 million GBTC shares for the ARKW ETF. Under Wood’s direction, the firm has been consistently adding exposure to not only GBTC but also cryptocurrency-related firms such as Square and Coinbase.

Indeed, the firm bought 70,000 shares of the Nasdaq-listed Coinbase exchange after their price dropped to $220 this week and now holds over $900 million worth of the exchange’s stock. Ark also has a $2 billion position in the electric car market Tesla, which holds over 42,000 BTC in its balance sheet, worth well over $1 billion.

CryptoCompare data shows that since Ark Invest bought the dip, the price of bitcoin moved from around $29,500 to about $32,000. Data has shown Ark Invest wasn’t the only firm accumulating BTC over the last few weeks.

On-chain data has shown the number of entities selling coins has fallen from 150,000 to 100,000, while the number of entities accumulating BTC increased significantly, going from 190,000 to 250,000. Data shows whales may be leading the accumulation.

Moskovski Capital’s Chief Investment Officer Lex Moskovki pointed out on social media that the BTC supply held by whales – defined as clusters of addresses with between 1,000 and 10,00 BTC belonging to the same entity – has risen back to levels seen when bitcoin was trading at $57,000.

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