The latest filings with the United States Securities and Exchange Commission or SEC state that there are four Wealth management companies which have received shares of Grayscale’s Bitcoin Investment Trust giving more evidence of institutional adoption of digital assets.
The initial report by MacroScope, a Twitter feed dedicated to institutional trading and asset management, the firms revealed their GBTC holdings in new filings for the time period ending June 30, 2021.
Advisors and wealth managers from Illinois stated that direct ownership of 7,790 GBTC shares on Friday. Advisors from Ohio gathered 13,945 shares of GBTC during June 30. Even though it is a small position for the multi-billion-dollar asset manager this shows an important strategy move proves that the company has an investment idea for the long-run. Nonetheless, there are two extra firms included to their GBTC holdings for June 30 reporting period. First is the Boston Private Wealth, which previously reported 88,189 GBTC shares as of March 31, and increased its knowledge to 103,469 shares. Second is the Ohio based manager Parkwood increased holdings to 125,000 shares from 93,000 at the end of March.
Important firm are on a quest to find new and different ways for achieving exposure to Bitcoin and other virtual assets. A recent report stated that tech giant intel recently gave away direct exposure to the digital currency market. Institutions will most probably increase their exposure to digital assets in the upcoming months and during this the bullish narrative takes place. There are crypto observers who buy the four-year cycle theory, which tries to explain and predict Bitcoin’s price from one cycle low to another. As the crypto asset class rises above $2 trillion this week representing a $700 billion recovery from the local bottom it seems like the next phase of the bull cycle is gaining momentum.