The founder of Ark Investment Management and a star stock picker, Cathie Wood, purchased more than 315,000 shares of Grayscale Bitcoin Trust (GBTC) worth approximately $2.8 million. Following FTX’s demise, the beleaguered crypto fund’s record discount to assets is around 37%.
The ARK Next Generation Internet exchange-traded fund has not made a purchase of GBTC since July 2021, so this transaction marks its debut.
Grayscale Bitcoin Trust is an investment vehicle that both owns and tracks Bitcoin, closely replicating the cryptocurrency’s performance.
The continued widening of the GBTC discount is indicative of a decline in the demand for bitcoin from institutional investors, which is compounded by the readily available retail availability of bitcoin exchange-traded funds.
Last week, the Exchange Traded Fund (ETF) managed by ARK Investment Management purchased 237,675 shares of Coinbase.
Compiled by Coinbold