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BTC $42065.12 (-3.4%)
ETH $2923.52 (-5.4%)
USDT $1.00 (-0.0%)
BCH $491.91 (-2.2%)
BSV $129.63 (0.12%)
LTC $146.48 (-3.4%)
BNB $338.13 (-3.3%)
ADA $2.13 (-4.1%)
DOGE $0.20 (-1.5%)

Ark Investment Reports $20M Holdings in Ethereum Trust

Ark Investment Reports $20M Holdings in Ethereum Trust
  • Ark Investment has reported holdings of 639,069 shares in Grascale’s ETH Trust.
  • Etherium fans have taken the investment as a bullish sign.
  • Ark Investment also owns large holdings for Bitcoin.

Ark Investment has reported holdings of 639,069 shares in Grayscale’s Ethereum Trust for Q1. The shares’ value amounts to around $20.9 million at today’s prices.

DeFi and Ethereum enthusiasts have taken the major investment by the exchange-traded funds manager as a bullish sign. Bankless author Ryan Sean, for instance, tweeted his excitement about the news:

Calling it a “massive” development, he ended the tweet by saying, “ETH IS MONEY”. Also, the news is a great relief to ETH buyers who’ve suffered losses at the hand of the current market crash.

Despite its growing interest in Ethereum however, the company’s portfolio tells a different story. Its major holdings still lean to the side of Bitcoin. It owns 8.6 million shares in Grayscale’s Bitcoin Trust, worth more than $298 million as of today.

This goes to show that Ark Investments Founder Cathie Wood and her company do not share Elon Musk and Tesla’s recently emerged concerns. In fact, she questioned Elon Musk’s knowledge on the topic, stating,

“Tesla’s decision seems to have been triggered by private equity firm Greenidge’s plans to revive a coal power plant to mine Bitcoin.”

Regarding that, she highlighted that Greenidge had cleared out the misconceptions around its plans. The company claims that its plant is powered completely by natural gas. It has even bought carbon credits to offset the emissions.

Despite these updates, both Bitcoin and Ethereum are trailing around heavy lows this week. At the time of writing, BTC’s value is $40,169 and ETH is at $2,955.

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Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.