Ark Invest splashes $20 million on Bitcoin

Ark Invest has joined MicroStrategy to buy the latest Bitcoin dip. The hedge fund company spent nearly $20 million to buy Bitcoin.

According to a filing with the U.S. Securities and Exchange Commission, the Cathie Wood-led investment firm bought $19,872,939 worth of Bitcoin. Meanwhile, Kellen Carter, the firm’s Chief Compliance Officer, disclosed that the ARK Cryptocurrency U.S. Fund LLC, which requires a minimum investment of $1 million, has already raised close to $20 million from 12 investors.

The move to purchase Bitcoin reinforces Wood’s long-term belief in the future of the digital asset. She recently said that Bitcoin’s $1 trillion market cap “is nothing compared to where this will ultimately be.” She has also maintained that Bitcoin will rise again despite the current dip that washed away more than 50% of its all-time high value.

Commenting on Elon Musk’s environmental concerns about Bitcoin mining, Wood explained that the use of renewable energy for crypto mining activities is expected to significantly increase in the coming years.

As reported by BTC PEERS, MicroStrategy recently bought $10 million worth of Bitcoin after an earlier purchase of $15 million.

The decision by these institutional investors to buy the dip might push the price of Bitcoin into a recovery position.