The Grayscale Bitcoin Trust is Grayscale Investment's flagship crypto investment fund, being the favorite of institutional investors who want to gain exposure to the cryptocurrency world in a traditional way.
Grayscale Bitcoin Trust, GBTC, is a traditional investment vehicle designed by the digital asset manager Grayscale Investment, which allows investors to own shares backed by Bitcoin (BTC), the cryptocurrency largest in the industry by market capitalization.
When investors buy shares in the Grayscale Bitcoin Trust, they are not actually purchasing the cryptocurrency directly, so they do not have to worry about custody, such as storage and security. This has made GBTC the preferred crypto investment vehicle for large institutional players, who are looking to gain exposure to the potential of cryptocurrencies in a traditional and more reliable way, as evidenced by recent filings by several companies with the United States Securities and Exchange Commission (SEC).
Investment management companies Clear Perspective Advisors, Ancora Advisors, Parkwood LLC y Boston Private Wealth recently informed the SEC about their holdings in Grayscale’s Bitcoin investment fund. The first two companies informed the regulator about their entry into GBTC, while the latter, Parkwood and Boston Private Wealth, reported the purchase of new shares within this crypto investment vehicle. In all cases, the growing interest of institutional investors in bitcoin as a long-term investment asset is evident.
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Bitcoin and institutional investment
The content distribution outlet MacroScope reported via Twitter on the filing of the companies Clear Perspective Advisors, Ancora Advisors, Parkwood LLC and Boston Private Wealth with the SEC.
First, the media highlighted that the private investment firm Parkwood, based in Cleveland (Ohio – United States), reported on 125.000 GBTC shares in a filing with the financial regulator as of June 30.
Parkwood had previously reported 93.000 shares in Grayscale's bitcoin investment vehicle, so the increase for this month was 34%. Parkwood's GBTC investment is around $4,79 million, according to GBTC's stock price at the time of writing. On the other hand, in addition to the bitcoin investment, the firm also disclosed its stake in the Grayscale Ethereum Trust (ETHE), where he owns a total of 189.275 shares, worth approximately $5,76 million.
The second company to declare GBTC shares was Ancora Advisors, which offers wealth and investment advisory services. This firm said a total of 13.945 GBTC shares as of June 30. Ancora’s bitcoin investment is worth close to $535.000. Similarly, like Parkwood, Ancora Advisors also invested in Grayscale’s ETHE, with a stake of 2.647 shares, worth approximately $80.400.
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Clear Perspective Advisors, an Illinois-based wealth management firm, was the third to declare its stake in Grayscale’s bitcoin investment vehicle. The firm declared a total of 7.790 GBTC shares, worth approximately $300.000 at press time.
Clear Perspective Advisors also has investments in other Bitcoin and cryptocurrency-related companies, such as Tesla, Visa, and VanEck, as well as banking groups interested in crypto assets and blockchain such as Goldman Sachs and Bank of America.
The latest to declare cryptocurrency investments recently was private banking and trust firm Boston Private Wealth, which has a stake of 103.469 GBTC shares as of June 30. Previously, Boston Private Wealth declared 88.189 GBTC shares, bringing its stake up 17%. The firm’s GBTC shares are valued at $3,97 million as of press time.
According to several experts, the crypto industry is becoming increasingly filled with institutional portfolios motivated by the potential for revaluation of crypto assets, as well as by the confidence of a greater number of participants and, perhaps, the positive side of the upcoming regulatory environment. As said According to SEC Chairman Gary Gensler earlier this month, cryptocurrencies and digital assets could become more widespread with the establishment of a solid regulatory framework that guarantees the protection of investors and their capital. In addition, there are those who believe that the possibility of being in a new bull cycle is also motivating institutional investors to participate and increase their exposure in bitcoin and other cryptocurrencies, such as Ethereum.
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