Another Hedge Fund gains exposure to cryptography through Grayscale’s GBTC – Finance Bitcoin News

Another Hedge Fund gains exposure to cryptography through Grayscale’s GBTC – Finance Bitcoin News

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Image Credits: Shutterstock, Pixabay, Wiki Commons Source news.bitcoin.com

In the meantime, the same report suggests that Millenium might just be “the largest asset manager yet to emerge in the crowded GBTC trade, likely a bullish indicator for bitcoin itself.” Yet despite this bullish signal, Grayscale recently revealed its plan to eventually convert “the trust into a bitcoin exchange-traded fund (ETF).” An ETF enables the direct holding of BTC and this provides more favorable liquidity terms than a trust structure. The fact that Millennium having skin in the GBTC game, to begin with, is likely another bullish indicator for bitcoin as an asset class. The holdings also suggest that Millennium’s synthetic crypto exposures are more substantial than what has previously been reported.

What are your thoughts on the revelations that Millennium is invested in crypto via GBTC? You can tell us what you think in the comments section below. In the meantime, the sources in the report assert that Millennium’s indirect investment into BTC represents yet another big endorsement for the crypto asset. The report said:

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