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ARK Invest Boosted Its GBTC Holdings by 2.14M Shares in Q4
Cathie Wood's asset manager significantly boosted its stake in the Grayscale Bitcoin Investment Trust.
Cathie Wood's ARK Investment Management increased its holdings of the Grayscale Bitcoin Investment Trust (GBTC) by 2.14 million shares in the fourth quarter of 2020, bringing its holdings of the market-leading institutional bitcoin investment vehicle to 7.31 million shares.
STORY CONTINUES BELOW
- ARK, the actively managed exchange-traded fund run by legendary manager and early bitcoin investor Cathie Wood, made the disclosure in a filing with the U.S. Securities and Exchange Commission.
- At press time, ARK's holdings of GBTC are worth $357.5 million.
- ARK's boosted stake is an increase from the 5.17 million GBTC shares it held on Oct. 31, 2020.
- Not only did ARK's holdings in GBTC rise in the fourth quarter, the value of GBTC shares took off as well, reflecting the meteoric rise in the price of bitcoin during that same time period.
- GBTC shares rose 222% in the fourth quarter and are up 39% so far this year. The price of bitcoin increased 177% in Q4 and is up 63.1% YTD.
- Grayscale is owned by CoinDesk parent company Digital Currency Group.
Read more: Cathie Wood: More Tech Companies Will Adopt Bitcoin Treasury Reserves
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
