Another Hedge Fund Gets Crypto Exposure via Grayscale’s GBTC
Millennium, the U.S.-based alternative investment management firm, has become the latest hedge fund to get exposed to cryptocurrencies via Grayscale Investments’ bitcoin trust. However, the extent of Millennium’s exposure to the crypto asset has not been disclosed as both Millennium and Grayscale executives have refused to comment. Nevertheless, a report by The Street says two sources claiming to have knowledge of the deal have confirmed Millenium’s acquisition of the shares. The report also quotes one of the two unnamed sources suggesting that Millennium, which has $48....
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Billionaire hedge fund manager Bill Miller’s flagship fund will soon be able to add bitcoin exposure by investing in Grayscale’s bitcoin trust (GBTC), according to its filing with the U.S. Securities and Exchange Commission (SEC). The fund currently has about $2.25 billion in assets under management. Bill Miller’s $2.25M Hedge Fund to Invest in GBTC The Miller Opportunity Trust, a hedge fund in the Miller Value Funds family, has filed an amendment to its registration statement with the U.S. SEC to be able to gain exposure to bitcoin. Billionaire investor Bill Miller....
Guggenheim’s billion-dollar Marco Opportunities Fund (MOF) may seek indirect exposure to BTC through the investment of 10% of its net asset value into Grayscale’s BTC Trust (GBTC). The investment (when complete) means MOF will have committed as much as $497 million into the GBTC. In a November 27 amended prospectus filing with the U.S. SEC, Guggenheim explains the rationale for seeking indirect exposure to BTC. According to the explanation, Guggenheim’s MOF wants to achieve its investment objective by “investing in a wide range of fixed-income and other debt and....
On August 29, the US Court of Appeals ruled in favor of Grayscale in its legal battle against the US Securities and Exchange Commission (SEC). Following this, Grayscale’s GBTC shares trading volume significantly increased, climbing to a 2-year high in the process. GBTC Shares See 17% Increase According to data from Yahoo Finance, GBTC’s share price had opened at $17.66 on the day and closed at $20.56, rising by almost 17% from the previous day. Furthermore, the fund saw its busiest day in over a year, with over 19 million GBTC shares changing hands. This volume jump marked the fund’s....
Millennium Management, one of the world’s largest hedge funds, reportedly had exposure to Grayscale Bitcoin Trust as NAV fell steeply.
One of the major highlights of Grayscale’s victory over the US Securities and Exchange Commission (SEC) was its positive effect on Bitcoin’s price. However, renowned economist Peter Schiff has explained why Grayscale’s win may not be good for Bitcoin in the long run. A GBTC ETF ‘Bearish’ For Bitcoin Schiff tweeted that the GBTC fund becoming a spot ETF (Exchange-traded Fund) is “actually bearish” for the flagship cryptocurrency as he said this move could potentially increase Bitcoin’s “tradable supply.” Related Reading: Party In The USA: Ripple Gets Ready To Properly Celebrate Triumph....