Ark Invest Buys $20 Million In Bitcoin

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The recent price dips of bitcoin have given many investors the chance to accumulate BTC at a relatively low price. For instance, asset management company Ark Investment Management, led by Cathie Wood, used the chance to snap up almost $20 million worth of bitcoin.

“According to a filing with [the U.S. Securities and Exchange Commission], Ark Invest, a hedge fund focusing on innovative development, has purchased $19,872,939 worth in bitcoin,” BTC Manager reported, without revealing a specific time of the investment.

Wood has been a long-time believer in the value of bitcoin, recently saying that the asset’s $1 trillion market capitalization “is nothing compared to where this will ultimately be.”

Ark’s decision to buy the dip might signal that other savvy institutions are or plan to do the same.

“Blockchain data reveals that major investors remain optimistic about long-term prospects and accumulate coins on dumps,” per BTC Manager. “Cathie Wood … said that bitcoin is likely to grow after the recent price drop… These drops are not uncommon, and they can be very healthy to exploit during bull runs, so sophisticated investors are now returning to accumulate.”

Institutions like Tesla, Meitu, Square and a host of others recently made significant bitcoin investments.



Source link Bitcoin Magazine

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