Ark Invest buys GBTC and Coinbase

The asset management company led by investor Cathie Wood has ignored the FUD and invested large amounts of money

Negocios November 23
Víctor de Castro

The problems of FTX, as reported on Mundo Crypto News, have caused a cascade effect affecting other companies. One of the most important figures affected is Genesis Digital, part of the Digital Currency Group. This has caused fear to spread around the companies that belong to the same group, Grayscale standing out among them.

The largest Bitcoin investment fund is in charge of offering the first crypto tool regulated by the SEC, GBTC. But the "discount" price experienced by BTC has given rise to rumors, including the possibility that it could experience a fall such as that of Genesis or FTX. To dispel some of the doubt, a note from Coinbase Custody CEO Aaron Schnarch confirmed that his company held 635,000 bitcoins on behalf of Grayscale Bitcoin Trust, despite the latter refusing to share its proof of reserve due to “safety concerns."

Despite the FUD currently surrounding Grayscale and Coinbase, Cathie Wood, one of the biggest investors and founder of Ark Invest, has bought large amounts of GBTC. In the week between November 14 and 21, it is estimated that the investment 6 million dollars, buying more than 760 thousand shares of GBTC. An extremely important investment, but that’s not all.

Ark Invest has wanted to continue investing, and in this case it has done so by getting more and more involved in the crypto world, such as through the purchase of shares of the Coinbase cryptocurrency exchange. Over this past month, we have seen as many as 11 buyouts of the exchange, causing them to amass over 1.3 million $COIN shares. In addition, the value of these amounts to 56 million dollars.

Cathie Wood's precedents as an investor in the crypto world are positive. The businesswoman has accumulated bitcoins whenever she has touched her lowest point. Now it seems that her bet is on Grayscale regaining its strength, as Coinbase shares their highest values. Will this be Ark Invest and Cathie Wood’s new winning bet?

More information: 'Genesis assures that "it will not go bankrupt"


Swyftx slashes workforce

The exchange commences an internal reorganization process after stating that it has “no exposure to FTX”, but it is not immune to the ensuing market crash.

Exchanges & Wallets