A document submitted by a mutual fund to regulators shows that the company is participating in BTC through the Grayscale Bitcoin Trust (GBTC) in the increase in institutional investment.
Emerald Mutual Fund Advisors Trust submitted it to the Securities and Exchange Commission on January 29, for December 2020. Among its assets are 78,090 Grayscale Bitcoin Trust (GBTC) shares.
Twitter user MacroScope17 recorded the application and stated that the Emerald Investment Fund managed $ 4.7 billion as of September 2020. Calculated with current BTC prices and Emerald’s current assets in September, the value of GBTCs the fund holds is equal to $ 2 million and 0.5% of the assets managed by Emerald.
BTC institutional watch:
In a filing today with the SEC, Emerald Mutual Fund Advisers Trust reported owning 78,090 shares of Grayscale Bitcoin Trust.
Emerald managed $4.7 billion as of Sept 2020.
— MacroScope (@MacroScope17) January 29, 2021
Other Bitcoin applications
MacroScope17 also reported that Hellman Jordan Management has 63,355 GBT shares. Kingfisher Capital has 10,667 GBTC assets.
The entry of institutional investors into the field is considered the main driving force behind the 2020 Bitcoin rally. On the other hand, individual investors showed themselves as they did in the recent boom that brought BTC to $ 35,000. However, the driving force is generally seen as belonging to institutional investors such as MassMutual.
Institutional investors such as MicroStrategy, who buy BTC with cash in corporate treasury, stand out in the current environment. MicroStrategy CEO Michael Saylor stated that in February 2021 the company will share its corporate tactics for buying Bitcoin.
Companies following the leadership of MicroStrategy will be able to change the money in their treasury without having to feel their way through the legal forest. MicroStrategy can thus help create corporate demand.
Companies like PayPal, which buy Bitcoin to offer to retail customers, come up with a third request for support. According to Pantera Capital, PayPal acquired about 70% of BTC that was issued in November.
Grayscale’s need for Bitcoin is an indication that institutional investors who find it easier to hold crypto indirectly for regulatory reasons are interested in the asset. The volume of market purchases is large. Grayscale is currently the best known Bitcoin channel for institutional investors. But not the only one. Massachusetts Mutual invested $ 100 million in Bitcoin through NYDIG.