Cathie Wood’s ARK Invest now holds more than 7 million shares in the Grayscale Bitcoin Trust

Cathie Wood’s ARK Invest now holds more than 7 million shares in the Grayscale Bitcoin Trust

Asset manager ARK Invest boosted its holdings in the Grayscale Bitcoin Trust in the fourth-quarter of 2020, according to a recent filing registered with the Securities and Exchange Commission. 

Cathie Wood's ARK, which manages assets of about $50 billion, bought 2.14 million additional shares in Grayscale's digital currency investment product, bringing its total holdings to 7.31 million shares.

Grayscale Bitcoin Trust (GBTC), the world's largest bitcoin fund and the first of its kind, enables investors to speculate on and gain exposure to bitcoin in the form of a security, without having to buy or store the digital token directly. Shares in the investment vehicle are part of a range of traditional finance products that track bitcoin prices.

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The trust holds over 649,130 BTC, or roughly 3.1% of bitcoin's current supply, according to CoinDesk. GBTC's current assets under management are around $31 billion, according to its website. At current prices, ARK's new share position in the Grayscale product stands at $351 million. The firm's Next Generation Internet ETF holds shares in GBTC.

The price of bitcoin rose to $49,998