Singapore's three-arrow capital buys 6% of Grayscale's $ 3.5 billion Bitcoin fund
Three Arrows Capital Ltd bought a 6.26% stake in the US $ 3.5 billion Grayscale Investment Bitcoin Trust investment.
According to a filing filed with the U.S. Securities and Exchange Commission (SEC), the Singapore-based cryptocurrency hedge fund appropriated 21 million shares of the Trust Trust's issued capital.
The shares are valued at a total of $ 227 million as of June 11. Each share is trading at $ 10.80 on the free market.
In bitcoin terminology (BTC), the shares of the Three Arrows represent about 20,000 BTC out of 365,000 BTC currently held by the Grayscale fund on behalf of investors. It was a sizable acquisition by any investor.
And once the Three Arrows exceed the 5% equity in Bitcoin Grayscale Trust, by law, it is necessary to file a form called Schedule 13G with the SEC. This form requires investors to purchase in excess of 5% of any class of company stock, to report to the securities regulator within 10 days of the acquisition.
We are raising prices according to Gbtc demand. Premium means capital flows. There can be no premium without cash flow, Keith Su Zhu, co-founder of Three Arrows Capital told an online cryptocurrency publication.
Grayscale, which owns about 2% of all bitcoins in circulation, operates ten cryptocurrency investment products focused on institutional investors. With Gbtc, institutional investors can come into contact with BTC but don't really own any coins
As of June 11, Grayscale has managed $ 4 billion in digital assets, the highest ever. Funds include ethereum (ETH), bitcoin cash (BCH), zcash, XRP, etc. The bitcoin fund is the largest of all, accounting for 88% of the assets under management.
In recent months, Grayscale's appetite for BTC has risen sharply, as the organization's interest in pioneering cryptocurrencies has increased. U.S. asset management bought more than a third of the bitcoins mined between February and April 2020.
Grayscale also purchased 50% of all newly minted ETH, accounting for 1.1% of circulating ether, during the first four months of this year.
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