ARK’s Cathie Wood Bought Bitcoin Years Ago For $100,000, She’s Currently Sitting On A Profit Of $7.6 Million

Cathie Wood recently revealed that she bought $100,000 worth of bitcoin several years ago when it traded at around $250. The benchmarked unit price of the crypto suggests that Wood made the purchase somewhere in 2015.

Speaking on the podcast “What Bitcoin Did” by Peter McCormack, the CEO of ARK Investment revealed that she did not sell any of this initial investment. This suggests that his current profit on that $100,000 stake is around $7.6 million.

Cathie Wood said she bought bitcoins after reading the Satoshi white paper. However, she explained that while she was able to make this personal bet on BTC, she could not do the same on the ARK funds themselves. Indeed, the stipulations relating to the company only allow investments in securities.

Nevertheless, ARK ended up gaining bitcoin exposure through the Grayscale Bitcoin Trust (GBTC). Currently, the ARK Next Generation Internet Fund (ARKW) holds approximately 5.9 million shares of GBTC. Furthermore, the total value of these shares is approximately $67.4 million. The official website describes the initiative as :

“…an actively managed exchange-traded fund (ETF) that seeks long-term capital growth by investing under normal circumstances primarily (at least 80% of its assets) in domestic and U.S. foreign equity securities traded in exchange of companies that are relevant to the fund’s investment theme, which is next-generation internet.”

Cathie Wood remains bullish on bitcoin

Despite the series of turbulent phases BTC has seen this year, Cathie Wood remains optimistic about the leading digital currency. Furthermore, the CEO of ARK considers that the Grayscale Trust is trading at a price of “fire sale“, on the condition that it can soon get the green light to convert to a cash exchange-traded fund. However, this speculation is still dependent on clearance from regulators for the Trust, which is currently selling at around 35% off net asset value.

Today BTC is changing hands at just over $19,000. Additionally, the major cryptocurrency is around 60% off its all-time high of $69,000 hit last November.

ARK to Offer Crypto Strategies to Investment Advisors

In other news, it was previously reported that ARK will soon begin offering crypto strategies to investment advisors. Furthermore, the reports also stated that this development will happen through a collaboration with digital asset platform Eaglebrook.

ARK has been involved in investing in crypto stocks and securities for quite some time now. By making its two actively managed crypto strategies available to licensed investment advisers, the platform is looking to take it a step further. It is in the process of expanding its services beyond exchange-traded funds (ETFs).

In keeping with ARK’s collaboration with Eaglebrook, the strategies will be available as separately managed accounts. Speaking in more detail about this development at the time, Cathie Wood said:

“The strategies will be separately managed accounts (SMA) designed to meet the needs of financial advisors, wealth managers and their clients by offering direct ownership, low minimums and portfolio reporting integration, among other benefits. .”

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ARK’s Cathie Wood Bought Bitcoin Years Ago For $100,000, She’s Currently Sitting On A Profit Of $7.6 Million


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