ARK’s Cathie Wood Bought $100K worth of Bitcoin in Previous Years for $250 and Never Sells It
Appearing on Peter McCormack’s “What Bitcoin Did” podcast, ARK Investment Management CEO Cathie Wood said she bought $100,000 worth of bitcoin (BTC) when it was trading around $250 (probably around 2015). She said she hasn’t sold any of her initial investments, which means her current return on that $100,000 bet would be around $7.6 million.
Wood, the company she co-founded with a focus on innovative and disruptive investments, says that while she can make that personal bet on bitcoin, she cannot do the same in the investments themselves. ARK funds as they used to be and are only allowed to invest in securities.
ARK is finally able to gain exposure to bitcoin through the Grayscale Bitcoin Trust (GBTC). ARK Next Generation Internet Fund (ARKW) is currently holding about 5.9 million shares of GBTC worth about $67.4 million.
Wood continues to be bullish on bitcoin and sees the Grayscale Trust – which is currently selling at a discount of about 35% of net asset value – when trading at a “sold-out” price with a chance that it will at some point will be cleared for conversion to a spot exchange-traded fund (if the regulator allows it).
Grayscale is owned by parent company CoinDesk Digital Currency Group.
Read more: Valkyrie Raises Funds to Offer Crypto SMA, Challenge Box and Franklin Templeton
