Bitcoin (BTC) Corporate shares 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 Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC).
Cathie Wood buys dip
As the FTX contagion continues to spread through the crypto industry, ARK’s decision to add exposure to two firms that have been on the boil stands out.
The firm added 176,945 shares of GBTC on Nov. 21, according to figures provided by Cathie Wood’s dedicated tracking source, Cathie’s Ark.
These will join a larger tranche of 273,327 shares from November 15, with the purchase completed just a week after FTX broke up.
Since then it has T&C to step into the spotlight as the parent company of Digital Currency Group (DCG), it is fighting FTX’s problems on its own.
Meanwhile, Coinbase is another target for ARK. Since early November, the firm has added 1.3 million COIN shares, bringing its total holdings to 8.374 million — a near all-time high.
COIN shares now represent ARK’s 12th largest position.
Commentary on the FTX debacle in its latest version reporterARK acknowledged the potential implications for DCG Genesis Trading and warned that other “counterparties” could be other entities.
“This means our belief in decentralized and transparent public blockchains is as strong as ever,” he added.
“In this and other cases, decentralization and transparency are paramount as antidotes to the gross mismanagement associated with centralized intermediaries, not to mention fraudulent centralized intermediaries.”
BTC price hits new two-year lows
Meanwhile, Bitcoin continues to fall, two weeks after problems at FTX spiraled out of control.
The pair fell to $15,479 on Bitstamp after the Wall Street open and recovered only marginally to reach $15,750 at the time of writing.
COIN itself hit a record low at the same time while just as combative The General Terms and Conditions have kept most of them discount to more than 40% from the spot price of Bitcoin despite the ARK buy-in.
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