Shares of Bitcoin firms (BTC) are the main “buy” for asset manager ARK Invest in the midst of the FTX crash.
The latest data confirms that ARK continues to grow its holdings on both the Coinbase (COIN) exchange and the Grayscale Bitcoin Trust (GBTC).
Katy Wood buys a dip
As the FTX contagion is still spreading throughout the crypto industry, ARK’s decision to add details of the two firms caught in the line of fire stands out.
The firm added 176,945 GBTC shares on Nov. 21, according to numbers provided by CEO Cathy Wood, dedicated tracking resource Cathie’s Ark.
They are joining a larger tranche of 273,327 shares dated Nov. 15, this purchase was completed just a week after FTX collapsed.
Since then, GBTC has been in the spotlight as parent company Digital Currency Group (DCG) has been tackling FTX issues on its own.
Meanwhile, Coinbase is another target for ARK. Since early November, the firm has added 1.3 million COIN shares, bringing its total stake to 8.374 million, a near-historical high.
COIN shares are now ranked 12th in the ARK.
Commenting on the FTX collapse in its latest newsletter, ARK acknowledged the potential impact on DCG Genesis Trading and warned that other “counterparties” could be next.
“However, our belief in decentralized and transparent public blockchains is stronger than ever,” he added nonetheless.
“In this and other cases, decentralization and transparency are paramount as an antidote to the gross mismanagement associated with centralized intermediaries, not to mention fraudulent centralized intermediaries.”
BTC Price Hits New Two-Year Low
Meanwhile, the price of bitcoin continues to decline, two weeks after problems on FTX spiraled out of control.
Related: Bitcoin price levels to keep an eye on as traders bet on BTC worth less than $14k
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD hit a new two-year low on November 21st.
The pair dropped to $15,479 on Bitstamp after Wall Street opened, only recovering slightly to $15,750 at the time of writing.
COIN itself hit an all-time low at the same time, while GBTC kept most of its rebate at over 40% over bitcoin’s spot price despite the ARK buy-in.
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