Crypto News

US wealth manager adds 10,667 shares of GBTC as Bitcoin adoption grows

Demand for Grayscale’s Bitcoin Trust is growing. Kingfisher Capital went from owning zero shares to over 10,000 in just a few months.

Kingfisher Capital, a North Carolina wealth manager, has scooped up 10,667 shares of the Grayscale Bitcoin Trust, according to a recent filing with the United States Securities and Exchange Commission, or SEC. 

The filing, which appeared on the SEC website on Thursday, highlights Kingfisher Capital’s growing diversification. The wealth manager has exposure to hundreds of companies and funds across various sectors, from banking to energy.

Kingfisher reportedly had no exposure to Grayscale’s product as of November 2020, which means its purchase was recent, perhaps while Bitcoin (BTC) was at or near all-time highs. 

On its website, Kingfisher says its mission is to “maximize value” for its investors, which primarily compromise affluent families, business owners, institutions and professionals.

The Grayscale Bitcoin Trust, which trades under the ticker symbol GBTC, has become a preferred method for gaining direct exposure to the digital asset. As Cointelegraph reported, a New York investment manager by the name of Rothschild Investment Corporation recently upped its exposure to GBTC to 30,454 shares as of Dec. 31, 2020.

Total assets held under Grayscale’s Bitcoin Trust are worth over $20 billion, the fund manager disclosed Wednesday.

Grayscale’s products have become a magnet for institutional investors. Total investments into Grayscale products reached $3.3 billion in the fourth quarter of 2020, which translated into average weekly inflows of $250.7 million. The Bitcoin investment trust was by far the most popular fund, generating $217.1 million in average weekly inflows.

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