Bitcoin has received another endorsement by a major player in the financial industry. Millennium Management is one of the largest alternative hedge funds in the world, with a current asset under management of $48.3 billion. The fund has established contact with the Grayscale Bitcoin Trust. The financial news outlet, TheStreet, published recently published a report stating the details of this business rendezvous.
According to the report, Millennium Management has put stakes in Grayscale Bitcoin Trust shares, namely GBTC. The news has been confirmed by two anonymous sources. The asset management fund was founded in 1989 by Israel Englander and is known for putting its stakes in traditional financial ventures exclusively. The recent announcement is quite atypical and unexpected.
Bitcoin Gets Another Push Towards the Bullish Current
In the aftermath of the news about investment giant Millennium Management, the flagship cryptocurrency has received another bullish reinforcement. The New York-based investment management firm has a diversified portfolio of private equities, venture capitals, real estate, commodities, tangible assets, precious metals, and more. A little while ago, the firm was burned by GBTC for trading on a discount value on the market.
The GBTC has been dealing with a discount share price for the better part of the current month. There had been some silent and visible protest from the stakeholders at this decision. Nevertheless, it has not stopped big shot hedge fund managers like Paul Tudor Jones from raising stakes in the market. Such behavior from orthodox financial players showcases the classic case of FOMO (fear of missing out) on the $2 trillion crypto market.
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Grayscale on the Waitlist Finalists to get Approval from SEC for a Bitcoin ETF
Countries like Canada and Brazil have already started to take advantage of the Bitcoin-tied ETFs under their jurisdiction. Meanwhile, not a single Bitcoin ETF has been approved in the United States despite having the largest reserves of digital token in the world. Grayscale has already filed an application with the SEC for approval; meanwhile, it has been trading its share at a discount for more than a month now.
This situation has raised many eyebrows, and some investors have started to make noise about the current issue. James Elbor, the Managing Partner at Marlton LLC, has stated to urge Grayscale officials to change their ways. He fears that this action of the asset management firm is a move that could lead to the destruction of value for GBTC. The investors would only suffer from such an outcome while the fund would keep profiting from its 2% management fee.