Cathie Wood's ARK bought more shares in Grayscale's trust after bitcoin's fall below $30,000

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Cathie Wood's ARK bought more shares in Grayscale's trust after bitcoin's fall below $30,000
Cathie Wood Cindy Ord/ Getty Images
  • Cathie Wood's fund bought another 140,157 shares in the Grayscale Bitcoin Trust.
  • Grayscale is the world's largest bitcoin investor and its trust offers exposure to the price.
  • The purchase came ahead of the "B Word" conference Wood is hosting later on Wednesday.

Cathie Wood has added to her bitcoin holdings with another purchase of shares in the Grayscale Bitcoin Trust after the cryptocurrency fell below $30,000 on Tuesday for the first time in almost a month, according to data from her ARK Invest fund.

Wood's ARK Next Generation Internet fund bought 140,157 shares in the Grayscale Bitcoin Trust.

She's a self-proclaimed cryptocurrency fan. Her funds hold stakes in crypto exchange Coinbase and payments company Square, which in turn owns a sizeable amount of bitcoin on its balance sheet.

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As of Tuesday, ARK's holdings in Grayscale's bitcoin trust reached 8.986 million shares.

Grayscale's trust is the world's largest bitcoin investment vehicle. It gives investors exposure to the price of bitcoin without having to buy or store it.

Bitcoin reached a five-week low of around $29,400 on Tuesday. Bitcoin has been trading up 5.74% in the last 24 hours. Since hitting an all-time high in April near $64,000, it's fallen by more than 50%, but is still up by more than 220% compared with last year.

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ARK also purchased another 18,735 shares in Coinbase via its ARK Fintech Innovation Fund, according to the company's website.

Wood is hosting the "B Word" cryptocurrency conference later on Wednesday. It will feature the likes of crypto-influencers like Elon Musk, CEO of Tesla and Jack Dorsey, CEO of Twitter.

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