Hedge Fund Buys $1 Billion Bitcoin
A Singapore based hedge fund has bought some $1.3 billion worth of stock traded bitcoin according to a filing with the Securities and Exchanges Commission (SEC).
The crypto focused Three Arrows Capital bought 38,888,888 shares issued by Grayscale Bitcoin Trust.
Each GBTC share currently goes for $34.10 and are redeemable for actual bitcoin at the rate of 0.001 BTC.
Making this the biggest known one off purchase with it currently unclear whether Three Arrows bought them under the directions of a specific client.
That’s especially as the GBTC avenue is preferred by institutional investors due to it being a regulated product and due to investors not needing to deal with custody.
So marking an acceleration in the amount of bitcoins bought through GBTC which saw $1 billion purchases in the last two weeks of December, as much as all of Q3 2020.
Now $1 billion is being bought in one go as big money starts making an entrance with bitcoin’s price rising to $34,000 while eth surpassed $1,000 in what plenty say is the beginning of a bull run.
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