Ark Invest has now bought An additional $ 10.8 million of shares in Grayscale's Bitcoin Trust. The investment firm purchased an additional 2.14 million shares in Grayscale Bitcoin Trust, bringing its totalshares in the trust to just over 7 million shares. The company had steadily increased its stake in the Bitcoin trust which currently holds over 600,000 bitcoins, or about 3.1% of the total crypto supply.
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Bitcoin continues to struggle for recovery after the Digital assets plunged past $ 30,000 July 2020. Digital assets have so far recovered beyond the $ 30,000 mark, but the price continues to suffer from its all-time high April. Despite this, institutions continue to have more confidence in the market even as the price continues to fall.
Ark Invest And Crypto
Ark Invest whoheaded by CEO Cathie Wood has always been at the forefront of crypto investing. The investment firm was among the first to rush to invest in Coinbase when the cryptocurrency exchange went public earlier in the year, listed on the Nasdaq.
BTC price shows rally as price trades above $ 31,000 | Source : BTCUSD on TradingView.com
In February, Cathie Wood revealed to Yahoo! Finance that she believed the digital asset could reach $ 400,000. said the crypto space would see more institutional investors entering the market.
Cathie Wood had become popular in the investment world by making some very risky calls and when those calls turned out to be correct, as in the case of Tesla, the CEO's notoriety increased dramatically .
Wood, which remains bullishon Tesla, continues to remain bullish on the digital asset.
Bitcoin price movements
Bitcoin continues to see drops and recoveries as prices continue to fall. The digital asset price first fell past $ 30,000 about a month ago, before recovering sharply to continue to maintain the resistance point of $ 31,000.
At the price that collapsed below $ 30,000 a month ago, Ark Invest had bought for 29 million dollars worth of shares in Grayscale's Bitcoin Trust. Collecting over a million shares at the time.
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L 'most recent purchase by Ark Invest took place on Monday and Tuesday when the Coin A coin is a unit of numerical value. When deioning cryptocurrencies, they are built at using bitcoin technology and have no other value unlike tokens which have the potential of software built with them.
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the part fell below $ 30,000 for the second time in the month period.
This seems to put forward a buying model for the investment firm. Every time the digital asset price fell below $ 30,000, Ark Invest doubled its investment in the Grayscale Bitcoin Trust. True to its CEO's belief in the future of bitcoin.
Ark Invest also owns shares in crypto-adjacent Square and now has over $ 1 billion of dollars invested in Coinbase.
Featured image from SuperCryptoNews, chart from TradingView.com