Cathie Wood does not change her bullish view on bitcoin and takes advantage of the recent drop in prices to increase the exposure of her ETFs to the cryptocurrency. Yesterday, the Ark Next Generation Internet ETF bought 1,046,002 shares of the Grayscale Bitcoin Trust fund, which is invested exclusively in bitcoin. With a weight of 4.09%, Grayscale Bitcoin Trust is the seventh largest holding in the fund.
Yesterday the Grayscale Bitcoin Trust fell as much as -13% reflecting the bitcoin sell-off which hit over 5-month lows below the $ 30,000 wall and erasing all of its 2021 gains.
Wood, who is bullish on bitcoin and sees it reaching $ 500,000 over the long term, also bought shares in Coinbase. The Ark Innovation ETF added 214,718 shares of the cryptocurrency exchange platform.