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Bitcoin (BTC) company shares are a major buy for asset manager ARK Invest in the midst of the FTX meltdown.
of latest data ARK confirms that it continues to grow its holdings of both Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC).
With the FTX contagion still spilling over into the cryptocurrency industry, ARK’s decision to add additional exposure to two companies in a hotly contested area stands out.
The company added 176,945 GBTC shares on Nov. 21, according to figures provided by CEO Cathie Wood’s dedicated tracking resource, Cathie’s Ark.
These join a larger tranche of 273,327 shares from Nov. 15, when the purchase was completed just one week after FTX collapsed.
Since then, GBTC has risen to the limelight as parent company Digital Currency Group (DCG) battles its own FTX problems.
Meanwhile, Coinbase is another target for ARK. Since the beginning of November, the company has added 1.3 million shares of his COIN, bringing its total holdings to 8.374 million shares. This is close to an all-time high.
COIN share currently occupies the 12th largest position in ARK.
Comments on the latest FTX debacle NewsletterARK acknowledged the potential impact on DCG firm Genesis Trading and warned that other “counterparty” entities could be next.
However, our belief in a decentralized, transparent, public blockchain is stronger than ever, he added.
In this case and others, decentralization and transparency are paramount as an antidote to the gross mismanagement associated with centralized intermediaries. Fraudulent centralized intermediaries say Not even.
Meanwhile, Bitcoin’s price movement continues to fall two weeks after FTX’s troubles spiraled out of control.
Related: Bitcoin Price Levels Traders Should Watch for BTC Below $14,000
BTC/USD hit a two-year low on Nov. 21. Cointelegraph Markets Pro and TradingView indicate.
The pair fell to $15,479 on Bitstamp after Wall Street opened and recovered slightly to $15,750 at the time of writing.
COIN itself hit an all-time low at the same time, but an equally bewildered GBTC held most of it. discount Over 40% to Bitcoin spot price despite ARK buy-in.
The views, thoughts and opinions expressed herein are those of the author only and do not necessarily reflect or represent the views or opinions of Cointelegraph.
