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.
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