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# Multi-billion dollar asset management firm buys Bitcoin as price falls below $30k
- URL: https://btcpeers.com/multi-billion-dollar-asset-management-firm-buys-bitcoin-as-price-falls-below-30k-2/
- Published: 2021-07-24T04:34:46.000Z
- Updated: 2023-09-24T15:45:10.000Z
- Author: John Williams
- Tags: News, #saudu, #Import 2025-12-27 14:07

Ark Invest has increased its Bitcoin stash by acquiring an additional 310,000 shares of Grayscale Bitcoin Trust (GBTC) as the flagship cryptocurrency dipped below $30,000 on Tuesday.

The asset management firm with over $52 billion worth of assets under management purchased the shares for its ARK Generation Internet ETF (ARKW) at $25 per share.

Each share of GBTC can be retrieved for 0.000939767 BTC, bring the total investment to about $8 million.

As reported by BTC PEERS, Bitcoin fell below $30,000 on Tuesday after a month of trading sideways. The timing of the purchase was impeccable as the price of Bitcoin quickly recovered.

Ark Invest appears to be actively buying the dip. The last time a similar drop happened, the firm acquired 1 million GBTC shares for the ARKW ETF.

CEO of Ark Invest Cathie Wood has steered the company towards consistent exposure in the [crypto](https://btcpeers.com/what-is-the-best-cryptocurrency-to-invest-in/) industry by building alliances with Square, Coinbase, and Grayscale.

Since Ark Invest’s latest purchase of the BTC, the price of the digital asset has risen from about $29,500 to about $32,000\. Meanwhile, Ark Invest isn’t the only firm that has been accumulating BTC lately. Several other institutional players are actively buying the cryptocurrency.