Hedge fund Three Arrows Capital buys $1 billion of BTC shares
A hedge fund from Singapore has filed with the SEC about the acquisition of 38.889 million shares issued by the Grayscale Bitcoin Trust. Total costs amounted to about $1.3 billion
Three Arrows Capital has planned to acquire nearly 39 million shares of GBTC. Each share is now worth $34.10. It can be exchanged for BTC at the rate of 0.001 BTC. It was not officially announced whether the shares were purchased.
Probably yes. Institutional investors prefer GBTC because it is a regulated product and investors do not need to engage in custody. This means an increase in the number of bitcoins bought through GBTC.
Thus, over the last two weeks of December, $1 billion worth of bitcoins were purchased. The same amount was purchased for the entire III quarter of 2020.
The $1 billion purchase is now a one-time transaction. This means that against the background of the rise in the price of bitcoin, a lot of money has come into the crypto sphere.