Wealth managers gain exposure to Bitcoin through Grayscale, reveals US SEC document

New filings with the US Securities and Exchange Commission (SEC), or SEC, reveal that four wealth management companies have acquired shares in Grayscale’s Bitcoin Investment Trust, providing further evidence of institutional adoption of digital assets.

As first reported by MacroScope, a Twitter feed dedicated to institutional trading and asset management, companies have disclosed their GBTC holdings in new filings for the period ended June 30, 2021.

Clear Perspective Advisors, an Illinois-based manager, revealed direct ownership of 7,790 GBTC shares on Friday.

Ohio-based Anchor Advisors acquired 13,945 shares of GBTC as of June 30th. While this is a small position for the multi-billion dollar asset manager, it reflects an important strategic move given the company has a long-term investment perspective.

Meanwhile, two more companies increased their GBTC holdings in the June 30 reporting period. Boston Private Wealth, which had previously reported 88,189 shares of GBTC as of March 31, increased its exposure to 103,469 shares. Ohio-based manager Parkwood increased its holdings from 93,000 to 125,000 shares at the end of March.

Large companies are finding new and diverse ways to gain exposure to Bitcoin and other virtual assets. As the Cointelegraph reported, technology giant Intel recently released a sizable position in Coinbase stock, which provides direct exposure to the digital currency market.

Institutions are likely to increase their exposure to digital assets in the coming months – as long as the upbeat narrative continues to unfold. Many cryptocurrency observers subscribe to the four-year cycle theory, which tries to explain and predict the price of Bitcoin from one cycle to another. With the cryptoactive class returning above $2 trillion this week – representing a $700 billion rebound from the local fund – it looks like the next phase of the bullish cycle is gaining traction.

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