ARK Invest boosts its GBTC holdings to more than 7 million shares

Active fund manager ARK Invest has scooped up more shares of the Grayscale Bitcoin Trust, according to a recent regulatory filing. 

Known for having one of "Wall Street's hottest hands," Cathie Wood's ARK has seen its assets under management balloon five-fold thanks in part to its bets on high-growth technology plays like Tesla and bitcoin. Indeed, its Ark Innovation fund has delivered 39% returns on average annually since its launch in 2014, according to The Wall Street Journal. 

An early adopter of Grayscale's GBTC product, the firm disclosed in a recent filing with the Securities and Exchange Commission that it purchased 2.14 million additional shares in the fourth quarter of 2020, which brought its total holdings to 7.31 million shares. The firm’s Next Generation Internet ETF holds GBTC.

The development was first reported by CoinDesk.

In an October filing, ARK disclosed a 5.17 million share position in GBTC. At current prices, the firm's new position stands at $351 million.

GBTC's AUM has soared in recent weeks, hitting $31 billion on February 12, according to data compiled by The Block.