Cathie Wood believes digital-asset manager Grayscale Investments is the cash cow of Barry Silbert’s once-$10 billion Digital Currency Group conglomerate, according to a Bloomberg report.
“We know that the Grayscale Investment trusts are the most valuable part of that company right now, and they’re cash cows,” Wood stated in a Bloomberg Television and Radio interview on Tuesday. “We think they’re going to try and hold onto that if nothing else,” she said.
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ARK has been buying Grayscale Bitcoin Trust GBTC shares, the world’s largest Bitcoin BTC/USD fund. On Tuesday, the ARK Next Generation Internet ETF ARKW bought over 176,000 shares of GBTC at an estimated valuation of $1.46 million.
Cold Storage: Last week, Grayscale released a letter from Coinbase Global Inc COIN Chief Financial Officer Alesia Haas saying the trust’s coins are in cold storage and can’t be lent out, the report stated.
“We had to do our homework on it and we know that all of the Bitcoin behind GBTC is in cold storage at Coinbase, and Coinbase has confirmed this,” Wood said. “So we feel quite comfortable with it here,” she added, according to the report.
On SBF: Wood said the thing which is shocking is how many people were very close to Bankman-Fried and one would have presumably looked at all of the documents and got a sense of the books. “I think he had this aura around him or something that caused people to ask fewer questions than might otherwise been the case. It’s very hard to understand,” she said according to the report.
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Photo courtesy: Ark Invest
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This article has been originally published at: https://www.benzinga.com/markets/cryptocurrency/22/11/29834523/bitcoin-bull-cathie-wood-says-grayscale-cash-cow-of-barry-silberts-group-theyre-going-to-t?SNAPI