The Grayscale Bitcoin Trust, which trades under the ticker symbol GBTC,
is being snatched up by institutional managers looking for more
traditional exposure to digital assets.
New filings with the United States Securities and Exchange
Commission, or SEC, reveal that four wealth management companies have
acquired shares of Grayscale’s Bitcoin Investment Trust, offering
further evidence of institutional adoption of digital assets.
As
first reported by MacroScope, a Twitter feed devoted to institutional
trading and asset management, the firms disclosed their GBTC holdings in
new filings for the period ending June 30, 2021.
Clear Perspective Advisors, an Illinois-based wealth manager, revealed direct ownership of 7,790 GBTC shares on Friday.
Ohio-based Ancora Advisors scooped up
13,945 shares of GBTC as of June 30. While that’s a small position for
the multi-billion-dollar asset manager, it reflects an important
strategic move given that the company has a long-term investment
perspective.
BTC institutional watch:
— MacroScope (@MacroScope17) August 13, 2021
In a filing today, Ancora Advisors, based in Cleveland, reported 13,945 shares of Grayscale BTC as of June 30.
Tiny position for a big firm, but Ancora is a smart long-term shop. Worth watching in coming quarters.
Filing:https://t.co/QLtEbMq3Gd
Meanwhile, two additional
firms added to their GBTC holdings for the June 30 reporting period.
Boston Private Wealth, which had previously reported 88,189 GBTC shares
as of March 31, increased its exposure to 103,469 shares. Ohio-based
manager Parkwood boosteits holdings to 125,000 shares from 93,000 at the
end of March.
Related: GBTC premium matches Bitcoin price crash levels as unlocking fear fades
Major
firms are finding new and diverse ways for gaining exposure to Bitcoin
and other virtual assets. As Cointelegraph reported, tech giant Intel
recently disclosed a sizable position in Coinbase stock, which provides direct exposure to the digital currency market.
Institutions
are likely to increase their exposure to digital assets in the coming
months — provided that the bullish narrative continues to play out. Many
crypto observers subscribe to four-year cycle theory, which attempts to
explain and forecast Bitcoin’s price from one cycle low to another.
With the crypto asset class returning above $2 trillion
this week — representing a $700 billion recovery from the local bottom —
it appears that the next phase of the bull cycle is gaining traction.
source link : https://cointelegraph.com/news/wealth-managers-gain-exposure-to-bitcoin-via-grayscale-according-to-new-sec-filings
