Cathie Wooden purchased 1 million shares of Grayscale Bitcoin Belief throughout crypto’s drop beneath $30,000

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Ark Invest’s Cathie Wood took advantage of the volatility in bitcoin on Tuesday, buying up shares of Grayscale Bitcoin Trust and Coinbase.

Wood — known for taking advantage of dips in her highest conviction picks —purchased 1,046,002 shares of the Grayscale Bitcoin Trust in the ARK Next Generation Internet ETF on Tuesday, a position worth roughly $12 million based on Grayscale’s closing price of $11.47 per share. Shares of Grayscale closed flat on Tuesday but dropped near $10 per share during the rout in bitcoin.

The founder and CEO of Ark Invest also purchased 214,718 shares of Coinbase in her flagship fund ARK Innovation fund, worth about $47.8 million based on Coinbase’s closing price of $222.47 per share. Shares of Coinbase closed down just 0.6% on Tuesday, but the stock dropped as low as $210 per share during the trading day.

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The price of bitcoin tumbled below the key $30,000 level Tuesday morning and then rallied back into positive territory in a wild reversal. Near its low of the day, bitcoin fell more than 11% to about $28,911, below the $29,026 level where it ended 2020, according to Coin Metrics. The cryptocurrency then bounced and traded around $32,637.54 around the market close.

With Tuesday’s losses, bitcoin has been cut in half from its all-time high of more than $64,000 in mid-April. Bitcoin last traded up 4% to around $33,958, according to Coin Metrics.

Grayscale Bitcoin Trust, an investment that holds bitcoin, is now the 7th largest holding in ARK Next Generation Internet ETF, representing more than 4% of the fund. The trust is down 12% this year but up over 150% over the last 12 months.

Meanwhile, Coinbase, the world’s largest cryptocurrency exchange, is the 10th largest holding in Ark’s flagship fund ARK Innovation. The stock represents nearly 3.5% of the ETF.