Despite crypto market turmoil Cathie Wood buys more Bitcoin

ARK Invest

ARK Invest

Despite the ongoing market turmoil spurred by the recent FTX collapse, ARK Invest's Cathie Wood remains bullish on Bitcoin.

The latest data from ARK Invest suggests that the firm recently added 176,945 GBTC shares on November 21.

Per the data, the firm has also purchased a significant number of Coinbase's COIN shares despite its plummeting value as of late.

Cathie Wood buys the dip

The current market turmoil is yet to faze Cathie Wood's ARK Invest, which has recently embarked on a crypto buying spree.

ARK Invest management has purchased 315,259 shares in GrayScale Bitcoin Trust (GBTC) as the fund is trading at a discounted price following FTX's collapse. It was ARK's first Bitcoin purchase in nearly one and a half years.

In addition, the firm has also purchased a significant number of Coinbase's COIN shares, adding nearly 1.3 million COIN shares to the company's portfolio. COIN shares now account for ARK Invest's 12th largest position after Bitcoin.

Despite FTX going under and BTC's falling prices, some investors are jumping on slashed crypto prices, believing a golden opportunity has arisen.

ARK Invest, Justin Sun and El Salvador's president have continued to remain bullish on Bitcoin despite the recent market upheavals, expressing their undying faith in the decentralised economy.

Wood, a fervent Bitcoin supporter, believes that Bitcoin has the potential to surpass $1 million by 2030.

Wood later added:

Bitcoin's market capitalization is still a fraction of global assets, but it is expected to grow as nation-states adopt it as legal tender.

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