Private investment firm William Jones Wealth Management revealed in a filing with the United States Securities and Exchange Commission that it owns 128,110 shares of the Grayscale Bitcoin Trust.
In their filing last November the William Jones Wealth Management did not own any shares. Within the last three months they have put in $6.23 million into the Grayscale Bitcoin Trust, the equivalent of 128 Bitcoins.
Many companies are interested in Bitcoin, but are concerned about the risk that comes along with buying and safeguarding the digital asset. As such, many turn to things such as Grayscale’s Bitcoin Trust or other things of a similar nature.
Increased Institutional Interest In Bitcoin
Continued increased institutional interest in Bitcoin has sparked an impressive run in its price. Bitcoin is up more than 60% since the beginning of the year thanks in large part to big companies getting involved with the digital asset.
Business intelligence firm MicroStrategy announced its plans on buying additional Bitcoin. Using the net proceeds of a $600 million private offering. Following this announcement, Bitcoin’s price briefly rose above $50,000 for the first time.
All of this comes after Tesla invested $1.5 billion in Bitcoin and multiple companies are expected to follow suit. As more institutional money comes into the industry that was previously driven by retail investors. More demand is being created that supply can’t meet which, in turn, causes the price to surge higher.
Other companies such as Visa and MasterCard have also recently gotten involved in Bitcoin. Visa has partnered with crypto startup BlockFi to power a Bitcoin-rewards credit card. As well as partnering with First Boulevard to pilot its new crypto software program.
MasterCard meanwhile, announced last week that it would be allowing users to transact with Bitcoin on its own payment network. With more companies seemingly looking at potentially getting involved with Bitcoin. Cryptocurrency as a whole, the entire industry looks to be on the rise.
