Saturday, October 16, 2021
Get Crypto
HomeCryptos NewsRipple NewsWealth managers gain exposure to Bitcoin via Grayscale, according to new SEC...

Wealth managers gain exposure to Bitcoin via Grayscale, according to new SEC filings

Click to Get Free Bitcoins Now!

New filings with the United States Securities and Exchange Commission, or SEC, reveal that 4 wealth administration firms have acquired shares of Grayscale’s Bitcoin Investment Trust, providing additional proof of institutional adoption of digital belongings. 

As first reported by MacroScope, a Twitter feed devoted to institutional buying and selling and asset administration, the corporations disclosed their GBTC holdings in new filings for the interval ending June 30, 2021.

Clear Perspective Advisors, an Illinois-based wealth supervisor, revealed direct possession of seven,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 place for the multi-billion-dollar asset supervisor, it displays an necessary strategic transfer on condition that the corporate has a long-term funding perspective.

Meanwhile, two additional corporations added to their GBTC holdings for the June 30 reporting interval. Boston Private Wealth, which had beforehand reported 88,189 GBTC shares as of March 31, elevated its exposure to 103,469 shares. Ohio-based supervisor Parkwood boosteits holdings to 125,000 shares from 93,000 on the finish of March.

Related: GBTC premium matches Bitcoin price crash levels as unlocking fear fades

Major corporations are discovering new and numerous methods for gaining exposure to Bitcoin and different digital belongings. As Cointelegraph reported, tech large Intel not too long ago disclosed a sizable position in Coinbase stock, which supplies direct exposure to the digital foreign money market.

Institutions are seemingly to improve their exposure to digital belongings within the coming months — offered that the bullish narrative continues to play out. Many crypto observers subscribe to four-year cycle principle, which makes an attempt to clarify and forecast Bitcoin’s value from one cycle low to one other. With the crypto asset class returning above $2 trillion this week — representing a $700 billion restoration from the native backside — it seems that the following part of the bull cycle is gaining traction. 

Related: Bitcoin’s off-chain data points to more upward momentum for BTC price