As Bitcoin falls below key technicals, ‘bull queen’ Cathie Wood plunges into Greyscale Trust and Coinbase

ARKW is the largest ETF in the market to hold Greyscale Bitcoin Trust, with 8.5 million shares

As Bitcoin falls below key technicals, 'bull queen' Cathie Wood plunges into Greyscale Trust and Coinbase

The Ark family of ETFs added nearly 215,000 shares of Coinbase and 1 million shares of Greyscale Bitcoin Trust yesterday, adding a total of over $1 billion to Coinbase and 8.5 million shares of Greyscale Trust to the largest ETF holdings.
As bitcoin fell below $29,000 on Tuesday and erased all of its gains so far this year, Cathie Wood’s Ark Invest series of ETFs, known as the “Queen of Bulls,” is plunging into the grayscale Bitcoin Trust and Coinbase stock.

The data shows that Ark’s flagship fund, the Innovation ETF (trading symbol ARKK), took advantage of yesterday’s downturn in bitcoin and its related stocks to add nearly 215,000 shares of Coinbase, the world’s largest digital currency exchange.

Meanwhile, the Ark Next Generation Internet ETF (ticker ARKW) added an additional 1 million shares of Grayscale Bitcoin Trust (ticker GBTC), the world’s largest bitcoin trust, worth about $29.3 million.

That pushed the total number of shares held by the Ark Series ETF in Coinbase to 4.7 million, or about 2% of Coinbase’s fully diluted 261.3 million shares, making it one of the company’s major outside shareholders. Based on Tuesday’s closing price, “Sister Wood” holds a total of more than $1.04 billion in Coinbase.

Moreover, ARKW is the largest ETF in the market to hold Grayscale Bitcoin Trust, with a total of 8.5 million shares. The second highest-ranking bitcoin trust on the market is the Amplify Transformational Data Sharing ETF (ticker BLOK), which holds only 212,000 shares of the grayscale trust.

The trading logic shows that “Sister Wood”‘s Ark investment is mainly taking advantage of the market decline and bottoming out. At one point, Bitcoin was down from its all-time high of nearly $65,000, as was Greyscale Bitcoin Trust, and Coinbase has fallen nearly 35% from its high in the two months since its IPO.

On Wednesday, bitcoin rebounded 18% from yesterday’s lows to regain $34,000 at one point, before falling back slightly above $33,000 after the U.S. afternoon, up 4% in 24 hours. Most of the mainstream digital currencies are up, with some analysts saying the drivers of the rally are unknown and cryptocurrency volatility has been high.

The Bitcoin-related “basket of stocks” also rallied today. Tesla is up nearly 5%, Square is up nearly 2%, both near two-month highs. Coinbase is up more than 2%, still near its low since its IPO. All of these stocks are heavily held by “Sister Wood”.

ARKK, the flagship innovation ETF of “Sister Wood”, is up more than 2%, near a near two-month high since April 28. ARKW, which holds a large amount of Grayscale Bitcoin Trust, also rose 2%, while ARKF, another fintech innovation ETF that holds a large amount of Coinbase, rose 1.4%, both near two-month highs.

As Bitcoin falls below key technicals, 'bull queen' Cathie Wood plunges into Greyscale Trust and Coinbase

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