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Private Banking managers are investing more and more money in Bitcoin through the GrayScale fund.

Private Banking managers are investing more and more money in Bitcoin through the GrayScale fund.
New documents from the US Securities and Exchange Commission (SEC) reveal that four wealth management companies have acquired shares in Grayscale’s Bitcoin Investment Trust. This is further evidence of the institutional adoption of digital assets (cryptocurrencies).

Ohio-based Ancora Advisors owns 13,945 GBTC shares. While this is a small entry for a multi-billion dollar asset manager, it presents an important strategic move towards long-term cryptocurrency investments.

Meanwhile, two more companies have added GBTC shares to their holdings. Boston Private Wealth, which previously owned 88,189 shares, increased its exposure to 103,469 shares. Ohio’s Parkwood increased its stake to 125,000 from 93,000 at the end of March.

Big companies are finding new ways to gain exposure to Bitcoin and other cryptocurrencies. As Cointelegraph reports, tech giant Intel recently unveiled a significant hold in Coinbase stock, providing direct exposure to the digital currency market.

Institutions are likely to increase their exposure to digital assets in the coming months. Many cryptocurrency market observers agree with the four-year cycle theory, which tries to explain and predict Bitcoin’s price from one cycle to the next.

As cryptocurrency market capitalization returned to above $ 2 trillion this week – meaning $ 700 billion recovered from the last lows – we seem to be back to the next phase of the bull cycle.

17-08-2021, Mr Advice TEAM

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