Four Institutional Investment Managers Get BTC Exposure After Purchasing 250,204 Shares of Grayscale Bitcoin Trust

Four institutional investment firms are gaining exposure to Bitcoin, buying up 250,204 shares of Grayscale’s Bitcoin investment product.

The Grayscale Bitcoin Trust (GBTC) offers institutional investors exposure to Bitcoin (BTC), as its shares track the performance of the leading crypto. According to Grayscale, each share represents 0.00093848 BTC.

According to recent filings with the U.S. Securities and Exchange Commission (SEC), four wealth managers have either bought an initial tranche of GBTC shares or increased their holdings.

Ancora, an Ohio-based family wealth advisory firm, purchased 13,945 GBTC shares, according to filings for the June 30th reporting period. The company, which was founded in 2003, is currently managing $9.40 billion in assets.

Also according to filings for the June 30th reporting period, Clear Perspective purchased 7,790 GBTC shares. The Illinois-based investment adviser has over $591 million in assets under management.

Filings with the SEC show that Boston Private Wealth bought two tranches of GBTC shares this year. As of March 31st of this year, the firm held 88,189 GBTC shares, but according to the June 30th reporting period, the firm upped its exposure to 103,469 GBTC. The investment advisory firm touts $17.2 billion in assets under management.

Parkwood, a financial services firm based in Cleveland, also increased its GBTC holdings. As of March 31st, Parkwood had 93,000 GBTC shares. By June 30th, the company’s GBTC holdings witnessed an uptick to 125,000 shares. The firm’s portfolio value currently stands at $863.63 million.

Bitcoin is trading at just over $47,000 at time of writing, according to CoinGecko.

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Source: https://dailyhodl.com/2021/08/16/four-institutional-investment-managers-get-btc-exposure-after-purchasing-250204-shares-of-grayscale-bitcoin-trust/