Cathie Wood's Ark Investment Management bought 176,945 shares ($1.5 million) in Grayscale's Bitcoin Trust (GBTC) on Monday as the crypto market slumped to a two-year low.
The purchase comes as GBTC shares trade at a record 45% discount to their net asset value, with negative sentiment continuing to spread following the collapse of crypto exchange FTX.
Ark purchased 315,259 GBTC shares worth $2.8 million last week as it continues to double down in the bear market. The investment firm now holds 6.4 million GBTC shares worth $53 million.
The discount narrowed over the course of the day on Tuesday, and the shares were recently trading at 42.6% below their NAV.
Genesis and Grayscale are both owned by Digital Currency Group, which is also CoinDesk's parent company.
Bitcoin, the asset that underlies the Grayscale fund, fell to a two-year low of $15,480 on Monday as fresh fears emerged about the financial health of Genesis. The cryptocurrency, however, clawed back to close to $16,000 on Tuesday.
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