$48 B Hedge Fund Millennium Management Invested In Grayscale Bitcoin Trust (GBTC)

Sunil Sharma Bitcoin News published April 8, 2021 | modified April 8, 2021

Millennium Management, a $48 Billion multi-strategy hedge fund is believed to have gained exposure to Bitcoin through Grayscale Bitcoin Trust (GBTC) as reported by The Street. This is a big news considering Millennium Management is largest hedge fund yet to have Bitcoin exposure. Also, as reported by CoinGape recently, Grayscale is also planning to convert the Bitcoin trust to Bitcoin ETF.

Millennium Management Largest Hedge Fund to Trade GBTC

As per the reports, Millennium Management was among the investors exposed to free fall of net asset value of GBTC. As of now, the hedge fund has $48.3 Billion asset under management and is by far the largest to be exposed to Bitcoin. This is interesting because it indicates the large scale of institutional interest GBTC is attracting and why they are leading in race of Bitcoin ETF. The volume of Millennium’s investment in GBTC is still not known.

While the race of Bitcoin ETF is getting hot, prominent contenders include Goldman Sachs, Morgan Stanley, VanEck And Grayscale Bitcoin Trust (GBTC).

The SEC needs to take a call for VanEck’s Bitcoin ETF application by early May where they may finally approve or reject the application.

 

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Sunil Sharma 181 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
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