Cathie Wood's Ark Invest purchased more than 450,000 GBTC shares in two separate buys this week.
As the price of Bitcoin returned to more than $32,000 this week, some
major firms announced they had increased their exposure to
cryptocurrencies through Grayscale’s crypto trusts.
According to a
Friday filing with the U.S. Securities and Exchange Commission, or SEC,
New York-based investment firm Edge Wealth Management currently holds
54,134 shares of Grayscale’s Bitcoin Trust (GBTC), valued at $27.13 at
the time of publication, and 25,280 shares of the company’s Ethereum
Trust (ETHE). The crypto holdings are worth almost $2 million at
$1,468,655 and $466,668, respectively, roughly 0.3% of the $703 million
total assets under management the company reported on Feb. 2.
Grayscale’s
crypto trusts are not new investment opportunities for Edge. The
investment firm held 37,605 GBTC and 17,300 ETHE shares in April,
representing increases of 44% and 46%, respectively.
Some institutions’ exposure to Bitcoin (BTC), Ether (ETH),
and other cryptocurrencies through Grayscale have increased as digital
currencies seemingly play a larger role in the global economy. Similar
filings with the SEC show Rothschild Investment Corp quadrupled its exposure to Bitcoin
through Grayscale, owning 38,346 GBTC shares in April and 141,405 GBTC
as of June 30. With a reported more than $1 billion in assets under
management as of April 8, the Bitcoin trust shares represent less than
0.09% of the investment firm’s holdings.
However, Cathie Wood's
Ark Invest is continuing to purchase GBTC shares at higher rate than the
two aforementioned companies. This week, the investment firm reported
it purchased more than 450,000 shares of Grayscale Bitcoin Trust in two
separate buys, bringing its combined holdings to more than 9 million
shares, or roughly 0.5% of its portfolio. At its peak in March, GBTC
represented 0.9% of Ark’s portfolio.
Related: Grayscale ‘100% committed’ to turning GBTC into Bitcoin ETF — CEO
“The
investment community continues to express interest in the digital
currency asset class, and the crypto ecosystem more broadly, and as
these assets gain mainstream adoption, we anticipate investors will seek
new ways to access digital currencies to further diversify their
portfolios,” said Grayscale CEO Michael Sonnenshein in a letter to investors.
The reports of GBTC purchases come the same week Grayscale unlocked 16,240 BTC worth of its Bitcoin Trust shares
after six months. Though there was some speculation the price of the
crypto asset could be adversely affected by such a large release in a
single day, BTC saw a roughly 2.9% increase in price week-over-week and
reached $32,457 at the time of publication.
source link : https://cointelegraph.com/news/weekly-roundup-ark-invest-edge-wealth-management-and-rothschild-investment-accumulate-crypto
