The Grayscale Bitcoin Trust’s record discount to assets has finally got too much for Cathie Wood to ignore.
Ark Investment Management snapped up more than 315,000 shares worth roughly $2.8 million of the beleaguered crypto fund on Monday for the ARK Next Generation Internet exchange-traded fund (ARKW), Bloomberg data show.
That’s the firm’s first purchase of the Grayscale product (ticker GBTC) since July 2021, according to website Ark Invest Daily Trades, which tracks the firm’s portfolio moves.
While long-term holders of the $10 billion Bitcoin fund have been punished by the discount — the trust has surged nearly 1,200% since the start of 2016, compared to Bitcoin’s meteoric 3,700% rise — the dislocation could also be seen as an opportunity.
Buying GBTC at a 40% discount to its net-asset value is akin to buying Bitcoin near $11,000, versus its current price of $16,400, according to Bloomberg Intelligence
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