The asset manager ARK Invest boosted its holdings in the Grayscale Bitcoin Trust in the fourth quarter of 2020, according to a recent filing 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, 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.
The trust holds over 649,130 bitcoins, or roughly 3.1% of bitcoin's supply, according to CoinDesk. Its website says its assets under management are about $31 billion.
As of Tuesday, ARK's new share position in the Grayscale product was about $351 million. The firm's Next Generation Internet ETF holds shares in the trust.
Read more: GOLDMAN SACHS: These 40 heavily shorted stocks could be the next GameStop if retail traders target them - and the group has already nearly doubled over the past 3 months
The price of bitcoin rose to $49,998 on Tuesday before slipping back. Interest from Wall Street institutions added momentum to its rally.
Wood predicted earlier this month that bitcoin would shoot higher this year. "Bitcoin is only [at] roughly a $600 billion market cap," she told Yahoo Finance. "So even half the size of Apple or Amazon, right now. Doesn't that put it into perspective? And yet, it is a very big idea, I think. A much bigger idea than Apple or Amazon."
ARK has five exchange-traded funds run by Wood and her team of analysts that actively invest in companies they believe will change the world through "disruptive innovation."
Other companies that Ark invested in during the fourth quarter were Tesla, Square, Roku, Pinterest, DocuSign, Alibaba, Snapchat, PayPal, and Netflix.
Read more: Canadian regulators just approved the world's first Bitcoin ETF. Here are the 5 things investors need to know about the outlook for a US version.
Next Story
Spiti Valley guide 2024: Stunning locations & interesting things to do
Zydus Q4 net profit surges 4-fold to ₹1,182 cr; revenue at ₹5,534 cr
Sebi mulls facilitating MFs to invest in overseas funds with exposure to Indian securities
India's forex reserves jump $2.56 bn to $644.15 bn
JSW Steel Q4 net profit falls 65% to ₹1,322 crore
