Rothschild to increase staking in Grayscale Bitcoin Trust

Rothschild Investment Corporation is increasing its exposure to Bitcoin
  • Rothschild Investment Corporation is staking its GBTC’s shares
  • The assets manager is found investing in BTC since 2017
  • It is observed that whenever the firm invests in the crypto token, the price gains bullish momentum

Rothschild Investment Corporation, an institutional investments manager, is increasing its Grayscale Bitcoin Investment Trust (GBTC) stakes. The report revealed after observing a new filing with the US Securities and Exchange Commission (SEC). A report from Bloomberg revealed that the assets manager is not a part of the Rothschild family dynasty. Indeed, the asset manager based in Chicago is a leading financial institution founded back in 1908. According to a tweet from MacroScope, it is revealed that since October, the firm has increased its holding by more than 24% to 30,454 GBTC shares.

Rothschild is investing in Bitcoin since 2017

Like Rothschild, institutional assets manager holding GBTC shares is much bigger news in the cryptosphere, which is being revealed now. According to a report by Coindesk, back in 2018, the assets manager bought the first GBTC shares. However, after the first investment in Bitcoin, the firm took off from the crypto market and again entered in 2019 to begin buying the shares of GBTC. The report also revealed that back in late Q3 2020, the firm owned 24,500 shares of GBTC. On the other hand, the US SEC’s recent filing revealed that by the end of 2020, the firm owned 30,454 GBTC shares. 

The ignored assets manager is bringing bullish momentum

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Following the timings when Rothschild increased exposure to Bitcoin, we observed an uptrend in its price. Following the data from Yahoo Finance, back in 2018, when the firm entered the Bitcoin market, a bullish rally was witnessed when the token price tripled itself. Later on in 2019, when the firm re-entered the market, again the token price gained a bullish momentum. Following the current scenario, when the manager invested back in October, the entire cryptosphere witnessed how the leading crypto token performed tremendously. Within the last quarter of 2020, the firm again was observed increasing its holdings. Indeed, the token achieved new all-time highs.

GBTC becoming biggest institutional buyers of BTC

Last week, the GBTC made an additional purchase of 16,244 BTC. Following which the trust became one of the biggest institutional buyers of BTC in the crypto market. Recently GBTC is trading near $34 per share. The trend of trust seems to continue as central banks and governments expand their monetary base to support the global pandemic. However, the price action of the flagship crypto token is hovering near $34,000. 

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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