18.7 C
New York
Tuesday, September 28, 2021

Buy now

Wealth Managers Gain Exposure to Bitcoin Through Grayscale, According to New US SEC Docs




New documents filed with the United States Securities and Exchange Commission, or SEC, reveal that Four wealth management companies have acquired shares in Grayscale’s Bitcoin Investment Trust, offering further evidence of institutional adoption of digital assets.

As MacroScope initially reported, In a Twitter feed dedicated to institutional trading and asset management, the companies disclosed their GBTC holdings in new documents 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.

Ancora Advisors, based in Ohio, acquired 13,945 GBTC shares as of June 30. While that’s a small position for the billionaire asset manager, it reflects an important strategic move given that the company has a long-term investment outlook.

Institutional surveillance of BTC:

In a filing today, Cleveland-based Ancora Advisors reported 13,945 BTC shares in Grayscale as of June 30.

Small position for a large company, but Ancora is a smart long-term store. It is worth seeing in the coming quarters.

Meanwhile, two firms additional 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 increased his holdings to 125,000 shares from 93,000 at the end of March.

Major companies are finding new and diverse ways to gain exposure to Bitcoin and other virtual assets. As Cointelegraph reported, tech giant Intel recently revealed a sizable position in Coinbase shares, providing direct exposure to the digital currency market.

Institutions are likely to increase their exposure to digital assets in the coming months, provided the bullish narrative continues to unfold. Many crypto observers subscribe to the four-year cycle theory, which attempts to explain and forecast the price of Bitcoin from one low cycle 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 ground.

Keep reading:




TAMMY SEWELL
Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
2,960FollowersFollow
0SubscribersSubscribe

Latest Articles