Three Arrows Capital submitted a 13G file to the Securities and Exchange Commission, announcing a position of more than $ 1 billion in the Grayscale Bitcoin Trust product.

 

 

The Singapore investment firm’s movement is followed by a large position, similar to the trust placed earlier this year to take advantage of the premium traded by the underlying asset. Previously, the firm owned 6.26% of GBTC worth $ 259 million. According to the latest application, the firm’s position represents $ 1.24 billion. The firm’s current position represents 36,969 bitcoins, or 6.1% of GBTC.

“We continue to enjoy working with the Grayscale team and look forward to further investment in the crypto ecosystem,” said Kyle Davies, co-founder of Three Arrows Capital.

According to Three Arrows, the position is Grayscale’s largest in Bitcoin Trust. In a key step with the price increase of bitcoin, the assets managed by Grayscale across the product suite increased. The GBTC product offers investors a way to indirectly invest themselves in bitcoin through a tool configured as securities.

Trust savings exceeded 607,000 BTC, according to data from The Block.

Shares of the product are often traded at a high premium – allowing traders to borrow their shares in the trust and trade arbitrage. GBTC’s weekly premium has declined by over 100% in the summer of 2017 to 18% in the past few years.

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