Ark Investment Management purchased 315,259 shares worth about $2.8 million in the Grayscale Bitcoin Trust (GBTC) with GBTC currently trading near a record discount to net asset value (NAV) following FTX’s collapse. Grayscale and CoinDesk are both owned by the same parent company, Digital Currency Group.
GBTC currently trades at a 39.8% discount to NAV.
Ark CEO Cathie Wood said in October that she sees the Grayscale Trust trading at a "fire sale" price given the chance that at some point it will be cleared to convert into a spot exchange-traded fund (if regulators allow).
Last week, ARK Investment Management’s exchange-traded funds (ETF) purchased 237,675 shares in crypto exchange Coinbase (COIN) as the stock retreated amid fallout from the collapse of rival FTX.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.