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Millennium, a US-based hedge fund, was the latest hedge fund to gain access to cryptocurrencies through Grayscale Investments’ Bitcoin Trust. However, the extent of Millennium’s exposure to the cryptocurrency was not disclosed, and managers at Millennium and Gray Scale declined to comment.
However, The Street’s report states that two sources who say they were informed of the deal have confirmed the purchase of Millennium shares. The report also quotes one of two unnamed sources to suggest that millennials may have pulled $48 billion in assets under management (AUM) into crypto assets via a long discount on GBTC shares. At the time of writing, the discount on GBTC shares has fallen further to 11.45%.
Meanwhile, the report’s sources claim that millennials’ indirect investment in BTC is another key support for crypto assets. The report states:
The fact that millennials are interested in GBTC is probably another positive indicator for bitcoin as an asset class. The holdings also point out that millennials’ exposure to synthetic cryptocurrencies is greater than previously reported.
At the same time, the same report suggests that Millennium could be the largest asset manager to appear in the crowded GBTC market to date, which is likely a bullish indicator for bitcoin itself. But despite this bullish signal, Grayscale recently announced plans to convert the trust into a bitcoin exchange traded fund (ETF). An ETF allows direct ownership of a BTC, which offers more favorable liquidity conditions than a fiduciary structure.
What do you think of the revelations that millennials are investing in crypto through GBTC? You can tell us what you think in the comments below.
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