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September 19, 2021
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Major US hedge fund ARK Invest buys more Bitcoin mutual funds and Coinbase stocks

Ark keeps buying dips

ARK Investment Management LLC, a major US hedge fund, has purchased additional grayscale Bitcoin (BTC) mutual funds (GBTC) and coin-based stocks in a fund called Next Generation Internet ETF. Revealed in a portfolio update released on the 24th.

What is a hedge fund?

Hedge funds are funds that handle a wide range of investment products (stocks, commodities, real estate, etc.) and make full use of various trading methods (long and short) so that they can make a profit regardless of whether the market goes up or down. That’s right.

▶ ️ Cryptocurrency Glossary

I bought GBTC this Tuesday (22nd), the day Bitcoin broke below $ 30,000. The purchase fund is equivalent to 3.2 billion yen (1046,002 units). Including the additional purchase this time, the total number of units will be 8,599,974.

Source: ARK Investment Management LLC

GBTC is operated by the ARK Next Generation Internet ETF. By issue, it accounts for 3.99% of the fund, ranking seventh in weight.

The fund also added 214,718 units of coinbase stocks on the 22nd. At the current price, it is equivalent to 5.4 billion yen (about 49 million dollars).

The number of coinbase stocks managed by this fund is 858,488, which is about 22 billion yen when converted to market value.

Coinbase shares (COIN) have been on a downward trend since listing on the Nasdaq in April, falling from a record high of $ 350 to the current $ 222.

Apart from the ARK Next Generation Internet ETF, the ARK INNOVATION ETF also invests in Coinbase stocks, which holds 3,631,850 units.

On the other hand, in the documents submitted in May this year, it also held a position of 639,069 Ethereum investment trusts (ETHE), but it may have been sold because the latest portfolio data does not show that position.

ARK CEO Cathie Wood is a particularly bullish person in emerging technology areas such as Tesla and Bitcoin, and in a May interview with Bloomberg, he talked about the future of Bitcoin, which turned down.

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Author: Lewis Kikutani
reference:ARK documents , TheStreet

Images used under Shutterstock license
“Cryptocurrency” means “cryptographic assets”

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