Among the 20 recently announced institutional investors that invested in the Grayscale Bitcoin Trust (GBTC)’s shares, only two allocated more than 1% of their assets under management (AUM) to these shares in order to gain exposure to the price movement of bitcoin (BTC), according to calculations by Cryptonews.com.
Forbes revealed 20 institutional investors after obtaining data from the US Securities and Exchange Commission (SEC) for last quarter.
According to the calculations, in percentage terms, the largest investment in GBTC was made by Corriente Advisors, a Fort Worth, Texas-based investment management company, that moved some 1.6% of its USD 263.43m in AUM to acquire shares in the GBTC. Another major allocation was made by Atlanta, Georgia-based advisory boutique Arkadios Wealth Advisors, the manager of close to USD 627.99m, which acquired shares worth 1.45% of its total assets.
This said, in terms of sheer numbers, some of the largest capital injections came from larger mutual funds such as Ark Investment Management, which manages more than USD 4.476bn in assets, as the investor acquired shares worth 0.83% of its holdings. Another established industry player, Horizon Kinetics, managing close to USD 5.349bn in assets, has acquired GBTC shares worth 0.69% of its assets.
Other major mutual funds were less expansive, moving smaller fractions of their holdings into the GBTC, such as Boston Private Wealth, which manages some USD 13.316bn in assets and acquired shares worth 0.002% of its total assets.
Also, while RFIIX – Rg Tactical Market Neutral Fund Institutional invested 0.85% of its AUM (USD 10.6m in total) into the GBTC, others allocated less than 0.1% of their assets.
The trust was developed by Grayscale, a US-based major crypto asset management firm, and had USD 4.8bn in AUM on August 10. The shares are listed on the New York-based OTCQX, a marketplace for over-the-counter stocks run by the OTC Markets Group.
Under the current regulations, US institutional investment managers are required to use Form 13F to inform the SEC on investments worth at least USD 100 million. However, last month, the commission announced its proposal to amend the form, raising the reporting threshold which has not been updated for more than 40 years to USD 3.5 billion. According to Forbes, should the proposal be implemented, this would mean that most funds would no longer be required to inform the SEC on their investments in the GBTC.
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