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- According to new filings with the US Securities and Exchange Commission, or SEC, four wealth management organizations have purchased shares of Grayscale’s Bitcoin Investment Trust, demonstrating institutional acceptance of digital assets
- Ancora Advisors, based in Ohio, held 13,945 shares of GBTC as of June 30. Despite the fact that it’s a minor position for the multibillion-dollar asset management firm, it’s a major strategic move given the firm’s long-term investment strategy
- It looks that the next phase of the bull cycle is gathering steam, with the crypto asset class rebounding above $2 trillion this week, indicating a $700 billion recovery from the local bottom
According to new filings with the US Securities and Exchange Commission, or SEC, four wealth management organizations have purchased shares of Grayscale’s Bitcoin Investment Trust, demonstrating institutional acceptance of digital assets. The firms declared their GBTC holdings in new disclosures for the period ending June 30, 2021, as first reported by MacroScope, a Twitter feed dedicated to institutional trading and asset management. On Friday, Clear Perspective Advisors, a wealth management firm located in Illinois, disclosed direct ownership of 7,790 GBTC shares.
As of June 30, Ancora Advisors, located in Ohio, owned 13,945 shares of GBTC. While it’s a tiny holding for the multibillion-dollar asset management, it’s a significant strategic decision given the company’s long-term investment outlook. Meanwhile, during the June 30 reporting period, two more businesses increased their GBTC holdings. Boston Private Wealth raised its GBTC exposure to 103,469 shares as of March 31, up from 88,189 shares as of March 31. Parkwood Management, located in Ohio, increased its holdings to 125,000 shares from 93,000 at the end of March.
Major corporations are experimenting with new and innovative methods to acquire exposure to Bitcoin and other virtual assets. Intel recently revealed a large investment in Coinbase shares, which gives direct exposure to the digital currency industry.
Institutions are expected to expand their digital asset exposure in the coming months if the optimistic narrative persists. Many cryptocurrency experts believe in the four-year cycle hypothesis, which tries to explain and anticipate Bitcoin’s price as it moves from one cycle low to the next. It looks like the next phase of the bull cycle is gathering steam, with the crypto asset class rebounding above $2 trillion this week, indicating a $700 billion recovery from the local bottom.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
