According to a recent filing with the U.S. Securities and Exchange Commission (SEC). Rothschild Investment Corporation increased its position to Grayscale’s Bitcoin Trust by about 24% from October to late December.
Founded in 1908 in Chicago, Rothschild is a registered financial brokerage, dealer, and a member of SIPC and FINRA. Its founders, Monroe Rothschild and brother-in-law Samuel Karger, started the firm as a full-service brokerage.
Rothschild reported owning 30,454 shares of GBTC as of Dec. 31, 2020, which is up from the 24,500 shares it owned in October. The institutional investment manager of $1.4 billion disclosed that its shares in the trust were worth $975,000 at the end of 2020.
Rothschild started getting exposure to Bitcoin through Grayscale’s BTC Trust in mid-2017. With a relatively modest purchase of 539 GBTC shares. Though the company exited the position shortly after, it began buying again in 2019.
GBTC represents publicly quoted shares of Grayscale’s increasingly popular Bitcoin Trust. Which now has over $20 billion in assets under management. GBTC generated a record-high $217.1 million in average weekly inflows during the fourth quarter of 2020. As of press time, GBTC was trading at $34 per share.
The Bitcoin Trust is an SEC-reporting product. Investors don’t mind paying a premium to avoid worrying about storing and managing their assets. The firm marked its best year to date in 2020. As its AUM exploded by ten-fold from $2 billion at the start to over $20 billion in December.
Big Name Institutional Players
Rothschild increased its exposure to Bitcoin during a pivotal time in the cryptocurrency’s bull market. The leading cryptocurrency’s price nearly tripled in late 2020 before peaking near $42,000 earlier this month.
Bitcoin’s price action has cooled off somewhat in recent weeks, as it is currently hovering around $31,687.
Rothschild is one of several big-name institutional players to enter the cryptocurrency market in the past year. This trend is expected to continue as central banks and governments expand their monetary base to support the post-pandemic recovery.
Bitcoin and other cryptocurrencies are increasingly being viewed as a monetary hedge against inflation. The digital assets will be a topic of focus at the upcoming Davos Agenda.
The summit, which is hosted by the World Economic Forum, features two sessions focused on “resetting digital currencies.” Although the discussions are likely to center around central bank digital currencies (CBDCs). They magnify Bitcoin’s disruptive impact on traditional finance.
More than 2,500 representatives of the WEF Foundation will participate in the summit. The Governor of the Bank of England, Andrew Bailey, and the CEO of Western Union, Hikmet Ersek, are among the notable figures that will take part in discussions relating to cryptocurrencies.
Government leaders from Chinese President Xi Jinping to German Chancellor Angela Merkel additionally will address how the virus has reshaped society and what policies are needed going forward in 2021, focusing on the central theme of “A Crucial Year to Rebuild Trust”.
They’ll be joined by others, including European Commission President Ursula von der Leyen and World Health Organization Director-General Dr Tedros Adhanom Ghebreyesus.
Matt Borelli is a staff writer at CoinChapter, covering the daily developments in the cryptocurrency world. He is a Bitcoin enthusiast and proud Dogecoin holder. When not reporting on the latest cryptocurrency news, Matt can be found at the nearest baseball stadium.
Fantom is moving inside a falling wedge pattern with a 712% price target, but macro cues suggest FTM might...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.