Global investment management firm Millennium Management traded Grayscale Bitcoin Trust shares and lost quite a bit in March. TheStreet revealed details on the move in a report published on the 7th of April.
According to the report, two anonymous sources confirmed that Millennium Management had its share of the Grayscale Bitcoin Trust free fall which occurred towards the end of last month.
One of the sources said that Millennium Management’s hedge fund strategy gained 2.2% in February. As a result of the increase, the company’s year-to-date gain jumped to 2.8%.
As stated on the Millennium Management website, its current assets under management (AUM) are worth $48.3 billion. The company also has more than 3,400 employees.
Referring to the GBTC dip, one of the sources said:
“The arbitrage trade is just so broken.”
On the 5th of April, Grayscale announced that it would convert the trust into a Bitcoin exchange-traded fund (ETF). This shows the growing adoption of Bitcoin among institutions.
Apart from Grayscale, other institutional investors are also looking to get approval from the US Securities and Exchange Commission (SEC) for ETFs. Some of the institutions include Goldman Sachs, Fidelity, Morgan Stanley.
At press time, Bitcoin has declined 2.44% in the last 24 hours and is currently trading at $56,463.
Image Credits: Pixabay
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