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Private investment firm reveals ownership of 128,110 shares of Grayscale Bitcoin Trust

Updated: Aug 31, 2024
Published: Feb 16, 2021
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Another private firm has revealed that it owns shares of the Grayscale Bitcoin Trust (GBTC).

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William Jones Wealth Management, a private investment firm revealed today in a filing with the U.S. Securities and Exchange Commission (SEC) that it owns 128,110 shares of the Grayscale Bitcoin Trust.

Shares bought between November and December

In a previous filing in November last year, the firm did not own GBTC shares.

However, within a three-month period, the firm has splashed money on the share of Grayscale Bitcoin Trust.

Each GBTC share is going for $48.91. The shares are worth a total of $6.23 million, an equivalent of approximately 128 bitcoins.

A number of companies that are interested in exposure to bitcoin but want to avoid the risk of buying and safeguarding the digital asset turn to Grayscale’s Bitcoin Trust or similar products.

The GBTC shares were trading around $35 at the start of the year and sank to a bottom of over $31 in late January. A resurgence propelled them to their current price of nearly $50.

Bitcoin’s performance

Bitcoin’s impressive run since December last year has been fuelled by increased institutional appetite in the digital asset.

The digital asset is up more than 60% since the turn of the year, thanks in part, to major companies turning their attention to bitcoin.

Bitcoin’s price briefly surpassed $50,000 today for the first time after Microstrategy, a business intelligence firm with an insatiable appetite for bitcoin, announced that it was planning to buy additional bitcoins with the net proceeds of a $600 million private offering.

Bitcoin’s price has pulled back and is trading at $48,805 at the time of writing. The digital asset has a market cap of over $908 billion.

Companies flocking to bitcoin

The flow of institutional money into an industry previously driven by retail investors has created more demand than the supply can meet, causing the digital asset to surge higher.

Carmaker Tesla recently forked $1.5 billion in buying bitcoins in January this year. A number of companies are expected to follow suit.

And while not many of them will be interested in directly buying and holding the digital asset, some of them will look for alternative means to invest in the digital asset.

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