Research: Grayscale Investments to Control 1% BTC

Looks like this large player see new possibilities in the crypto market fall
06 December 2018   901

2018 can already be considered one of the worst for the cryptocurrency market, however some large players did not fail to take advantage of falling prices to increase the size of their assets. One of them was Grayscale Investments, which included Bitcoin Fund Grayscale Bitcoin Investment Trust (GBTC) at the beginning of December, controlled more than 200,000 BTC, Bitcoinist writes, citing a study of Diar.

As noted, 17.4 million bitcoins are currently released, which means that GBTC, on behalf of its investors, holds about 1% of the entire issue. This also puts Grayscale at the top of the list of institutional cryptocurrency investments.

At the same time, Barry Silbert’s part of the Digital Currency Group is to accumulate additional bitcoins on a monthly basis. Speaking as a cryptocurrency holder for its clients, GBTC earns 2% in the form of an annual commission on the amount of savings, so this tactic from a business perspective is definitely justified.

At the same time, the fall in Bitcoin prices in 2018 also means that the value of GBTC-controlled assets in dollar terms is decreasing. At the beginning of December, this figure was $ 826 million - the lowest figure for the entire year.

However, Bitcoin is not the only cryptocurrency to which large investors turned when the market fell. In the same study, Diar said that in the first 11 months of 2018 more coins appeared in the wallets actively trading Ethereum whales than in any other period in the history of this cryptocurrency. So, at the end of November, the large holders of Ethereum had 80% more coins than in January.

Wilshire Phoenix to Update BTC ETF Application

It's planned that the exchange traded fund will be provided not only by the crypto, but also with treasury bonds
17 October 2019   110

Wilshire Phoenix and NYSE Arca have amended the application for the launch of Bitcoin ETF.

The fund will be provided not only with the first cryptocurrency, but also with treasury bonds.

The custodian of digital assets will be Coinbase Custody. The company will confirm the availability of bitcoins in providing the fund within five working days from the moment of monthly rebalancing.

To determine the value of the bitcoins held, the fund will use the base rate of the Chicago Mercantile Exchange - CME CF Bitcoin Reference Rate (CMR CF BRR).

Wilshire Phoenix recommended that the US Securities and Exchange Commission (SEC) focus on the spot market for bitcoin, which plays a key role in determining its value.

The SEC has already begun to accept public comments on the updated proposal.

Wilshire Phoenix and NYSE Arca filed an initial application in May. At the end of September, the SEC postponed a decision on it.