Wealth managers gain exposure to Bitcoin via Grayscale, according to new SEC filings

August 15, 2021 admin

The Grayscale Bitcoin Trust, which trades under the ticker symbol GBTC, is being snatched up by institutional managers looking for more traditional exposure to digital assets.

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

As first reported by MacroScope, a Twitter feed devoted to institutional trading and asset management, the firms disclosed their GBTC holdings in new filings 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.

In an SEC filing today, Clear Perspective Advisors, a wealth management firm in Aurora, Illinois, reported owning 7,790 shares of Grayscale Bitcoin as of June 30.

Filing:https://t.co/PT21czzjvO pic.twitter.com/WZ7RYk1RBp

— MacroScope (@MacroScope17) August 13, 2021

Ohio-based Ancora Advisors scooped up 13,945 shares of GBTC as of June 30. While that’s a small position for the multi-billion-dollar asset manager, it reflects an important strategic move given that the company has a long-term investment perspective.

BTC institutional watch:

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

Tiny position for a big firm, but Ancora is a smart long-term shop. Worth watching in coming quarters.

Filing:https://t.co/QLtEbMq3Gd

— MacroScope (@MacroScope17) August 13, 2021

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

Major firms are finding new and diverse ways for gaining exposure to Bitcoin and other virtual assets. As Cointelegraph reported, tech giant Intel recently disclosed a sizable position in Coinbase stock, which provides direct exposure to the digital currency market.

Institutions are likely to increase their exposure to digital assets in the coming months — provided that the bullish narrative continues to play out. Many crypto observers subscribe to four-year cycle theory, which attempts to explain and forecast Bitcoin’s price from one cycle low 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 traction.

You May Also Like