Wealth managers gain exposure to Bitcoin via Grayscale, according to new SEC filings

Published at: Aug. 14, 2021

New filings with the United States Securities and Exchange Commission reveal that four wealth management companies have acquired shares of Grayscale’s Bitcoin (BTC) investment trust, offering further evidence of institutional adoption of digital assets.

As first reported by MacroScope — a Twitter feed devoted to institutional trading and asset management — the firms disclosed their GBTC holdings in new filings for the period ending June 30.

Clear Perspective Advisors, an Illinois-based wealth manager, revealed direct ownership of 7,790 GBTC shares on Friday.

In an SEC filing today, Clear Perspective Advisors, a wealth management firm in Aurora, Illinois, reported owning 7,790 shares of Grayscale Bitcoin as of June 30.Filing:https://t.co/PT21czzjvO pic.twitter.com/WZ7RYk1RBp

— MacroScope (@MacroScope17) August 13, 2021

Ohio-based Ancora Advisors scooped up 13,945 shares of GBTC as of June 30. While that’s a small position for the multi-billion-dollar asset manager, it reflects an important strategic move given the company's long-term investment perspective.

BTC institutional watch:In a filing today, Ancora Advisors, based in Cleveland, reported 13,945 shares of Grayscale BTC as of June 30.Tiny position for a big firm, but Ancora is a smart long-term shop. Worth watching in coming quarters.Filing:https://t.co/QLtEbMq3Gd

— MacroScope (@MacroScope17) August 13, 2021

Meanwhile, two additional firms added to their GBTC holdings for the June 30 reporting period. Boston Private Wealth, which had previously reported 88,189 GBTC shares as of March 31, increased its exposure to 103,469 shares. Ohio-based manager Parkwood increased its holdings to 125,000 shares from 93,000 at the end of March.

Major firms are finding new and diverse ways to gain exposure to Bitcoin and other digital assets. As Cointelegraph reported, tech giant Intel recently disclosed a sizable position in Coinbase stock, a move that effectively gives the company direct exposure to the digital asset market.

Institutions are likely to increase their exposure to crypto in the coming months — provided that the bullish narrative continues to play out. Many crypto observers subscribe to four-year cycle theory, which attempts to explain and forecast Bitcoin’s price from one cycle low to another. With the crypto asset class returning above $2 trillion this week — representing a $700 billion recovery from the local bottom — it appears that the next phase of the bull cycle is gaining traction.