Cathie Wood Bought the Dip: Ark Invest Purchases One Million GBTC Shares

June 24, 2021 Bitcoin.com

Major players will speak at a new Bitcoin event aimed at institutional investors

June 24, 2021 Coin Telegraph

Ark Invest

Featured speakers include Twitter CEO Jack Dorsey, Blockstream founder Adam Back, and Ark Invest's Cathie Wood.

The Crypto Council for Innovation is hosting a virtual event on July 21 aimed to “destigmatize mainstream narratives about Bitcoin.”

According to a Thursday announcement, Square, Ark Invest, and Paradigm are backing The ₿ Word, an event on “how institutions can embrace Bitcoin.” The project scheduled for launch next month will offer featured speakers including Twitter CEO Jack Dorsey, Blockstream founder Adam Back, Ark Invest's Cathie Wood, former acting and deputy director of the CIA Michael Morell, and John Newbery, director of Brink — a nonprofit focused on supporting Bitcoin development.

“The ₿ Word is a Bitcoin focused initiative that aims to demystify and destigmatize mainstream narratives about Bitcoin, explain how institutions can and should embrace it, and raise awareness around areas of the network that need support,” said the project.

Formed in April, the Crypto Council for Innovation, or CCI, is an alliance of crypto-friendly firms including Coinbase, Square, Fidelity Digital Assets, and Paradigm. The group was created to give companies a better means to lobby lawmakers on crypto and blockchain regulation.

“Bitcoin is a positive force in the world because it increases financial access and opportunity, but the complexity that makes its network so powerful also makes it difficult to understand at first," said Paradigm co-founder Matt Huang. "We hope this initiative helps the investment community and policymakers better understand how transformative a moment we're in right now."

At the time of publication, the event lists five sessions to be available on July 21, with an additional live panel with Dorsey, Wood, and others on Bitcoin As A Tool For Economic Empowerment. Coin Metrics co-founder Nic Carter and MIT Digital Currency Initiative director Neha Narula will also be speaking in the online sessions.

Many experts have posited that institutional investors would help drive mainstream interest in Bitcoin (BTC) and other cryptocurrencies, in addition to potentially helping its price. Data from banking giant JPMorgan in May, however, suggest that retail investors may be purchasing more BTC using platforms like PayPal and Square than institutions.

Elon Musk’s ‘50% Clean Energy’ Bitcoin Mining Goal Will Be Complicated To Verify

June 14, 2021 Bitcoin.com

Ark Invest CEO Says Impossible to Shut Down Bitcoin — Regulators Will Become More Friendly Over Time

May 29, 2021 Bitcoin.com

Ark Invest CEO Reaffirms $500K BTC Price Prediction, Says Bitcoin Is in ‘Capitulation Phase’

May 21, 2021 Bitcoin.com

Cathie Wood says Elon Musk will return to ‘green’ Bitcoin, ETF is now more likely

May 21, 2021 Coin Telegraph

Ark Invest

Ark Investment’s Cathie Wood believes BTC will rally to $500,000 and says the mining sector is increasingly embracing renewable energy.

The CEO of Ark Investment Management, Cathie Wood, believes the controversial Tesla CEO and Dogecoin proponent, Elon Musk, will again embrace Bitcoin once greater adoption of renewable energy has occurred within the mining sector.

Despite relations between Musk and the Bitcoin community souring, Wood predicted: “Elon will come back and be part of [the Bitcoin] ecosystem.”

Wood’s comments come on the same day that Ark’s Sam Korus published an update the firm’s “open-source Solar+Battery+Bitcoin mining model” to allow historic testing of the system’s efficacy.

Korus concluded: “The takeaway is that regardless of a Bitcoin bull of bear market, Bitcoin mining can incentivize additional solar and battery installations,” adding:

“The next step is to dimension solar+battery+Bitcoin mining at the household level.”

Musk replied to the post, noting that while such a system could be achieved over time, the recent “extreme” growth in Bitcoin’s hash rate could not have been supported by renewables.

He advocated for the top 10 mining pools by hash rate to post audited breakdowns of their energy sources.

Can you post audited numbers of renewable energy vs not of your private jets?
— Dan Hedl (@danheld) May 20, 2021

With Wood anticipating renewables will soon represent a larger share of the energy fueling the mining sector, the Ark Invest founder is steadfast in her predictions of $500,000 BTC for the future despite the recent crash that saw prices tumble more than 50% over the course of two weeks.

Wood characterized the markets as having entered a “capitulation phase,” asserting it is “a really great time to buy” despite acknowledging: “You never know how low is low when a market gets very emotional.”

Wood is putting her money where her mouth is too, with Ark Invest accumulating shares in Coinbase while the stock has been trading below its direct listing reference price of $250.

The crypto downturn accelerated with Tesla CEO Elon Musk’s apparent u-turn on Bitcon, with Musk criticizing the environmental impacts of Bitcoin mining.

Wood also believes the heavy market retracement improves the prospects of U.S. regulators approving a Bitcoin exchange-traded fund, or ETF, stating: “The odds are going up now that we have had this correction.”

ARK buys $246M of Coinbase stock, adds COIN to three ETFs

April 15, 2021 Coin Telegraph

ARK buys 6M of Coinbase stock, adds COIN to three ETFs

ARK

ARK Invest has spread nearly 750,000 COIN shares across three of its ETFs.

Three exchange-traded funds offered by Cathie Wood’s ARK Invest purchased 749,205 shares in Coinbase Global, Inc (COIN) worth roughly $246 million combined.

The ARK Innovation ETF (ARKK) now holds 512,535 COIN shares, while the ARK Next Generation Internet ETF (ARKW) purchased 147,081 shares, and the ARK Fintech Innovation ETF (ARKF) bought 89,589.

ARK’s funds were not the only ETFs accumulating COIN, with the Amplify Transformational Data Sharing ETF (BLOK) also getting in on the action. BLOK is among the most active ETFs in the crypto space, with seven of its 10-largest allocations operating in the blockchain industry and representing one-third of its entire portfolio.

Looks $BLOK bought it too. This has to be a record for most ETFs to hold a stock on day one trading. Even IPO ETFs wait a a few days. https://t.co/nHqc5cwj6m
— Eric Balchunas (@EricBalchunas) April 15, 2021

Coinbase’s highly anticipated direct listing occurred on April 14, with COIN debuting on Nasdaq for $381. While the shares quickly surged 12.5% to $429.54 to briefly tag a total valuation of more than $112 billion, COIN then crashed down to find support at roughly $315.

COIN last changed hands for $345.51.

ARK was founded by Veteran fund manager Cathie Wood in 2014 and had amassed more than $50 million in assets as of February 2021. Its ARKW fund is up 161% in the last year, while ARKK is up 152%, and ARKF is up 138%.

Earlier this month, analysts representing ARK predicted Bitcoin’s market valuation will surpass that of gold.

Limited Bitcoin Supply Will Push Price to Incredible Numbers, Says Ark Invest’s Cathie Wood

March 27, 2021 The Daily Hodl

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