US: A historic gold investor is now buying Bitcoin (BTC) | CryptoSlate


Texas-based investment management firm US Global Investors has bought significant exposure to Bitcoin by investing in Grayscale funds.

According to a filing to the US Securities and Exchange Commission (SEC) published on August 30th, the company added over $566,000 worth of Grayscale Bitcoin Trust shares (GBTC) to three out of eight of its mutual funds.

Another major institution getting exposure to Bitcoin

The SEC filings show that the company invested $302,899 GBTC in its Gold and Precious Metals Fund, $222,532 in its World Precious Minerals Fund, and $40,958 in its Global Resources Fund. The BTC exposure represents 0.19% of the net assets in the Gold and Precious Metals Fund and the World Precious Minerals Fund. The company has classified its position in GBTC as common equity, the filing has shown.

How To Get Free Crypto  

The move has come as a surprise to many in the crypto industry, as US Global Investors has historically had exposure to gold, minerals, precious metals, petroleum, and other natural resources.

However, Frank Holmes, the CEO and chief investment officer of US Global Investors, also serves as the executive chairman of HIVE Blockchain Technologies. HIVE is a publicly-listed cryptocurrency mining company based in Vancouver, Canada.

In 2017, both US Global Investors and Holmes personally made a strategic investment in HIVE, after which he was appointed interim CEO.

Peter Schiff, the CEO of Euro Pacific Capital and a know Bitcoin critic, was among the few who didn’t see the company’s move as extremely bullish for the industry. He noted that Holmes’ position isn’t indicative of a greater shift in the way equity managers view cryptocurrencies or Bitcoin.

Coinbase Banner  

US Global Investors isn’t the first major equity manager to gain exposure to Bitcoin through Grayscale. American multinational investment bank Morgan Stanley has been investing in the Grayscale Bitcoin Trust (GBTC) and holds over $36 million worth of GBTC shares. With just over 928,000 shares held, Morgan’s Insight Fund has exposure to 870 BTC.

Last month, CryptoSlate reported that a division of Chicago’s First Midwest Bank increased its exposure to Bitcoin. In a July filing with the SEC, the bank reported holding 29,498 GBTC shares as of June 30th.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Andjela Radmilac

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.