Ark Invest acquired more than 140,000 shares of Grayscale Bitcoin Trust during the downturn, reports reveal.
Ark Invest acquired more than 140,000 shares of Grayscale Bitcoin Trust during the downturn, reports reveal. By Angel Di Matteo @shadowargelThe

purchase by Ark Invest corresponds with about 420 BTC

through

Grayscale Bitcoin

Trust. Analysts highlight these actions in light of the fear present among less experienced investors.

***

The investment firm led by Cathie Wood, Ark Invest, recently acquired more than 140,000 shares of Grayscale Bitcoin

Trust during yesterday’s

drop

.

Ark Invest

acquires more than 140,000 shares of

Grayscale Bitcoin Trust

Ark Invest revealed this in a trade filing published today, which shows the firm’s trading move, which came as the price of Bitcoin

fell below USD $30,000 per unit amid fear and uncertainty among many less experienced investors in the Bitcoin ecosystem.

It is worth noting that each share of the Grayscale Bitcoin Trust is equivalent to 0.000939715 BTC, so Ark Invest was awarded at least 420 bitcoins

between July 19 and 20, which at the time of publication corresponds to an approximate of USD $13,381,000 as the digital currency is trading above USD $31,000 per unit.

Smart move?

While the rise in Bitcoin’ s price alone has already led to significant gains for the Ark Invest team , some analysts and enthusiasts point out that this was a very smart move on the part of the firm’s managers, precisely because they acquired Bitcoin

at a time when the digital currency hit a low last seen earlier this year.

Another noteworthy aspect is that the purchase made by Ark Invest took place a day before its CEO, Cathie Wood, participated in the main conference of the event The B World, in which Jack Dorsey and Elon Musk would also be present to discuss issues associated with the current state of Bitcoin

and the challenges facing the coming years.

At the moment, despite the fact that the

conference took place just a few hours ago, the price of Bitcoin It is still too early to say whether this event has had an impact on the digital currency market.

Ark Invest and Bitcoin

Another noteworthy aspect surrounding Ark Invest ‘s actions is that the company also intends to launch its own Bitcoin-based U.S. exchange-traded fund (ETF), for which it already filed its application with the Securities and Exchange Commission (SEC) several weeks ago.

Analysts point out that the fact that Ark Invest is getting closer and closer to the Bitcoin market is a very good guarantee for it, as this would attract a larger number of investors inspired precisely by the track record of Cathie Wood’s company.

During The B World event , Wood made special emphasis on the revolution that it generated Bitcoin in the face of the traditional economy, especially highlighting its deflationary properties, the decentralization of its operations and the merit of laying the foundations for a new financial ecosystem that empowers people much more against the monopoly of governments and power entities.

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Source: CryptoPotato, 247Wallst

Version by Angel Di Matteo / BitcoinDaily

Image by Unsplash