Ark Adds Bitcoin Exposure Buying $8 Million Worth of Grayscale Shares

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Asset management firm Ark Invest purchased over 310,000 shares of the Grayscale Bitcoin Trust on Monday for its ARK Next Generation Internet ETF (ARKW) at $25 per share, according to published records from ARK Investment Management.

With each share of GBTC redeemable for 0.000939767 bitcoin, the purchase was worth nearly $8 million at press time.

While not earth-shattering given the size of the Ark portfolio, the timing of the move is notable, as the last time the price of bitcoin dipped below $30,000, the firm, led by CEO Cathie D. Wood, purchased over 1 million shares of GBTC for the ARKW ETF.