Cathie Wood’s ARK Invest Adds More Bitcoin Exposure as GBTC and Coinbase Stock Hit New Lows

Cathie Wood’s ARK Invest Adds More Bitcoin Exposure as GBTC and Coinbase Stock Hit New Lows

Shares of Bitcoin (BTC) companies are a major “buy” for asset manager ARK Invest amid the FTX meltdown.

The latest data confirms that ARK continues to increase its holdings in both the Coinbase (COIN) exchange and the Grayscale Bitcoin Trust (GBTC).

Cathie Wood buys the dip

As the FTX contagion continues to spread through the crypto industry, ARK’s decision to add exposure to two companies caught in the line of fire stands out.

According to figures provided by CEO Cathie Wood’s dedicated tracking resource, Cathie’s Ark, the company added 176,945 GBTC shares on November 21.

These join a larger slice of 273,327 shares from November 15, with this buying completed just a week after FTX fell.

ARK Invest GBTC holdings chart (screenshot). Source: Cathie’s Ark

Since then, GBTC has been in the spotlight as parent company Digital Currency Group (DCG) battles its own FTX issues.

Coinbase is another target for ARK. Since the start of November, the company has added 1.3 million COIN shares, bringing its total stake to 8.374 million – near all-time highs.

COIN shares now represent the 12th largest position in ARK.

ARK Invest COIN holdings chart (screenshot). Source: Cathie’s Ark

Commenting on the FTX debacle in its latest newsletter, ARK acknowledged the potential implications for DCG company Genesis Trading, and warned that other “counterparty” entities could be next.

“That said, our belief in decentralized and transparent public blockchains is stronger than ever,” he added nonetheless.

“In this case and others, decentralization and transparency are paramount as antidotes to the gross mismanagement associated with centralized intermediaries, let alone fraudulent centralized intermediaries.”

BTC Price Hits New Two-Year Lows

Meanwhile, Bitcoin price action continues to slide, two weeks after FTX’s troubles spiraled out of control.

Related: Bitcoin Price Levels to Watch as Traders Bet Under $14,000 BTC

BTC/USD hit new two-year lows on Nov. 21, according to data from Cointelegraph Markets Pro and TradingView.

The pair fell to $15,479 on Bitstamp after the Wall Street open, recovering only slightly to circle $15,750 at the time of writing.

BTC/USD 1 hour candle chart (Bitstamp). Source: Trading View

COIN itself hit an all-time high at the same time, while the similarly beleaguered GBTC retained the majority of its discount at over 40% to the Bitcoin spot price despite the ARK takeover.

GBTC premium to assets held versus BTC/USD chart. Source: Coinglass

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