Multi-billion dollar asset management firm buys Bitcoin as price falls below $30k
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Multi-billion dollar asset management firm buys Bitcoin as price falls below $30k

Saudu Clement
Saudu Clement

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 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.