Bitcoin (Bitcoin) shares of the company are a major “buy” for asset manager ARK Invest in the midst of the FTX meltdown.
latest data Confirm ARK continues to grow its holdings on both exchanges Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC).
Kathy Wood buys dip
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 November 15, which was completed just one week later. FTX collapsed.
Since then, GBTC has come into the limelight Parent company Digital Currency Group (DCG) is battling its own FTX problem.
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.
Comment on the FTX debacle in our latest newsletter ARK Admitted It noted the potential impact on DCG firm Genesis Trading and warned that other “counterparty” entities could be next.
“Having said that, our belief in a decentralized, transparent and public blockchain is stronger than ever,” he added.
“In this case and others, decentralization and transparency are paramount as antidotes to the gross mismanagement associated with centralized intermediaries, let alone fraudulent centralized intermediaries.”
BTC price hits 2-year low
Meanwhile, Bitcoin’s price movement continues to fall two weeks after FTX’s troubles spiraled out of control.
The pair fell to $15,479 on Bitstamp after Wall Street opened and recovered slightly to $15,750 at the time of writing.
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