Cathie Wood’s ARK Buys the Bitcoin Dip

While Bitcoin’s recent dip below $30,000 made even some of the most ardent bulls panic, Cathie Wood’s ARK Investment Management bought the dip.

The ARK Next Generation Internet ETF purchased 1,046,002 shares of Grayscale Bitcoin Trust on Tuesday, according to the firm’s daily trade summary.

As of Wednesday, the fund has a 4.57 weight in GBTC. The trust’s shares represent ARK Next Generation Internet ETF’s third biggest holding (behind only Square and Tesla).   

Meanwhile, ARK Innovation ETF also bought 214,718 shares of Coinbase, the largest U.S. crypto exchange.

Yesterday, Bitcoin plunged to a five-month low of $28,600 before bulls managed to stage a comeback. The flagship coin is currently trading at $34,157 on the Bitstamp exchange. 

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As reported by U.Today, Wood predicted that Bitcoin could reach $500,000.

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