HomeCryptoBitcoinGrayscale Bitcoin Trust: 1 million shares for Cathie Wood

Grayscale Bitcoin Trust: 1 million shares for Cathie Wood

Grayscale Bitcoin Trust has seen the purchase of more than one million of its BTC-linked shares by the ETFs of Cathie Wood’s Ark Invest, all while the price of bitcoin had fallen below $30,000. 

On Tuesday, the price of BTC saw a collapse, hitting $29,000 for the first time since the beginning of 2021. Despite this, the nicknamed Rock Star of the stock market Cathie Wood bought with the ETF funds of her Ark Invest, precisely 1,046,002 shares of Grayscale Bitcoin Trust (GBTC) 

The value of the GBTC is linked to the price of the BTC, which is why Wood’s strategic move resembles the BTC hoarding undertaken by many in recent days, for which the Wyckoff method has been cited. 

Thanks to this investment, the Grayscale Bitcoin Trust has registered a total fund holding of around 8.5 million shares worth just under $239 million. Right now, with a weight of 4.09%, GBTC is the fund’s seventh-largest holding, while the first remains Tesla. 

Not only that, the present accumulation of BTC through GBTC has also been aimed at Coinbase shares. Specifically, the Ark Innovation ETF (ARKK) added 214,718 shares of the cryptocurrency exchange, which fell as much as 5.3% on Tuesday. The exchange-traded fund now holds about 3.6 million shares of Coinbase worth just over $801 million.

Grayscale Bitcoin Trust and Cathie Wood’s optimism

Cathie Wood’s now evident optimism towards Bitcoin has led the stock market Rock Star to the intense purchase of Grayscale Bitcoin Trust (BTC).

In fact, Wood had already commented on price forecasts for the BTC, stating that it could reach $500,000. Certainly, this idea of his and his buying action this week could affect the market in some way. 

And it is no coincidence that, just from Tuesday until today, the price of BTC seems to have gone up, fluctuating in the range of $32,000 and $34,000

Cathie Wood is the founder and CEO of New York-based Ark Invest, with $50 billion in assets under management, including the world’s largest actively managed ETF, Innovation ETF. 

Her presence in the financial world, including cryptocurrencies, makes Wood a trusted source of information

At the end of last month, Wood participated in the Consensus 2021 conference, particularly on the environmental issue of Bitcoin mining. In this regard, Wood had said that Bitcoin could become the factor that would speed up the energy transition to renewable energies.

Stefania Stimolo
Stefania Stimolo
Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.