Fresh fillings to the U.S. Securities and Exchange Commission (SEC) regarding the financial results for the second quarter of 2021 revealed further indirect institutional investments in BTC.
Institutional investments in BTC through the GBTC
The investment in BTC through filing with the SEC was confirmed by four US financial management companies, which had to admit in their filing with the SEC that they had invested in BTC through the popular institutional instrument Grayscale BTC Trust (GBTC).
GBTC is a Grayscale product that is covered by Bitcoins owned by the company (more than 655,000). However, the investor only buys GBTC “shares” from Grayscale, with 1 GBTC representing 0.00093848 BTC (the current market value of 1 GBTC is around USD 38.5, ed. Note).
Institutions often prefer this form of investment in BTC to its direct purchase and inclusion in the balance sheet, as they do not have to deal with the safe storage of BTC for an investment in GBTC. In the absence of BTC ETFs, GBTC is one of the easiest ways to make a simple exposure to the price of the most famous cryptocurrency.
Shares of GBTC were bought in the second quarter by the following companies, according to the Twitter channel Macroscope, which closely monitors filings with the SEC in connection with BTC:
- Clear Perspective Advirors from Illiois confirms purchase of 7790 GBTC (approximately $ 300,000)
- Ancora Advisors from Cleveland confirms purchase of 13,945 GBTC (approximately $ 536,000)
- Boston Private Wealth increased its investment from 88,189 GBTC to 103,469 GBTC (approximately $ 4 million)
- Parkwood from Ohio increased its investment from 93,000 GBTC to 125,000 GBTC (approximately $ 4.8 million)
Intel has invested in shares of Coinbase
Although there have been sporadic recent reports of direct institutional investments in BTC (listing BTC on the balance sheet), in addition to the aforementioned investments in GBTC, the growing interest in the cryptosector is confirmed by a report by technology giant Intel buying shares in the largest cryptocurrency exchange in the US Coinbase.
According to a filing with the SEC, Intel purchased Coinbase (COIN) shares in the second quarter of 2021 for a value ranging from $ 500,000 to $ 1,000,000, at a current price of approximately $ 787,407.
