By Richard Hines
Ark Invest has added $2.8 million worth of Grayscale’s Bitcoin Trust (GBTC) shares to its portfolio. This is however not the first acquisition, as it had made various acquisitions in the past.
Ark Invest Adds More Shares To Portfolio
Ark Invest recently acquired GBTC shares at a superb entry point when the shares declined.
According to Ark’s most recent trading declaration, on Monday it acquired around 300,000 shares from GBTC. These acquired shares were sent to the Ark Next Generation Internet ETF (ARKW) as a deposit. This transaction, which cost more than $2.5 million, was the largest recorded since last year.
GBTC shares have been bought at a reduced cost since last year, and they recently hit a low that caused the shares to fall by more than 40% last week. Additionally declining the state of the shares was the ongoing FTX market collapse. GBTC saw months of lows between June and October as the crypto winter heightened.
Ark Invest Acquires Shares In Various Companies
This is not the first time Ark Invest has purchased shares from GBTC. Ark purchased over $20 million in shares from GBTC in June 2021. This transaction took place in the beginning of the market meltdown, when bitcoin was trading at $30,000.
Additionally, shares were added to Ark Invest through ARKW. With that transaction, the ARKW’s total possession of GBTC stocks was rounded up to $239 million.
GBTC is accredited as the biggest cryptocurrency fund founded by Grayscale.
In addition, Ark Invest added $10.8M worth of these shares to its portfolio in July. Ark increased their holdings in GBTC at this time, buying 140,000 additional shares, for a total of over 400,000 in July.
In the same month of July, Ark was one of the first investors to purchase Coinbase stocks. Since then, Ark has been increasing and diversifying its holdings, raising its total cumulative stake of over $1 billion.
During the month of July, ahead of the week’s sharp decline in the price of Tesla’s shares, Ark acquired 39,000 of them through its various ETFs for a total cost of almost $7 million.
Recently, the automaker, General Motors Corp. stock was acquired by Ark Invest. Over 70,000 shares worth a total of $2.9 million were acquired.