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112-year-old Rothschild Investment Corporation owns 30k+ GBTC shares worth around $1 million

Updated: Aug 31, 2024
Published: Jan 25, 2021
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One of the oldest investment firms in the world is quietly buying shares in Grayscale’s Bitcoin Trust (GBTC).

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Rothschild Investment Corporation, a registered investment advisor, revealed the ownership of 30,454 shares of GBTC through an SEC filing on Jan. 25.

The firm owned 24,500 shares in a previous filing in October. 

It must be noted that one bitcoin is equivalent to 1,053.76 GBTC shares, meaning that Rothschild’s stash of 30,453 GBTC shares amounts to approximately 29 BTC, roughly worth $1 million.

The Grayscale Bitcoin Trust allows investors to be exposed to the price movement of bitcoin via a security (a traditional investment asset) without having to go through the challenges of buying and storing the digital asset.

Each GBTC share is trading at $34.88, Yahoo Finance data shows. 

Rothschild Investment Corporation was founded in 1908 by Monroe Rothschild and his brother-in-law, Samuel Karger. However, it has no ties to links to the Rothschild family, one of the most famous in banking.

Grayscale, a subsidiary of Digital Currency Group (DCG), temporarily stopped accepting new investors in six funds in December last year. 

The firm said that its Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Digital Large Cap Fund Trusts were not open to new investors. However, there was nothing surprising or new about the suspension, as this happened several times to GBTC in the last quarter of 2019.

Grayscale, the largest cryptocurrency asset manager, donated $1 million to think-tank Coin Center and pledged to “match up to an additional $1 million in donations through the month of February.”

Investing in bitcoin

Rothschild Investment Corporation started buying bitcoin via GBTC in 2017. At the time, it caused a stir, as many people thought the Rothschild family was getting into bitcoin.

Institutions have been on a bitcoin buying spree, and their capital inflows have played a crucial role in catalyzing and sustaining the current BTC bull run.

Cryptonary reported today that Nasdaq-listed company Marathon Patent Group purchased bitcoins worth $150 million. The firm is engaged in bitcoin mining, though this is the first time that it has bought the cryptocurrency from the market.

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