According to a report released Monday morning by the US Securities and Exchange Commission (SEC), Rothschild Investment Corporation, a leading Chicago-based financial institution founded in 1908, has invested heavily in the Grayscales Bitcoin Trust.
Rothschild revealed that as of December 31, 2020, he held 30,454 GBTC shares in accordance with Form 13F-HR, also known as the Fund Executive Portfolio Report. In the October dossier, the company allegedly owned 24,500 shares.
According to the company’s website, Rothschild Investment Corp. In 1908 as Rothschild & Company. Its founders, Monroe Rothschild and stepfather Samuel Karger, founded the company as a full-service brokerage company. However, according to Bloomberg, she does not belong to the Rothschild family.
GBTC represents the increasingly popular Grayscales shares listed on the Bitcoin Trust exchange, which currently manage over $ 20 billion in assets. GBTC generated $ 217.1 million on average per week during the fourth quarter, a new record.
GBTC is currently trading at just under $ 34.00 per share.
Rothschild increased his Bitcoin (BTC) presence at a pivotal moment in the crypto bull market. Bitcoin price nearly tripled in the fourth quarter before peaking at $ 42,000 in early January. Although the price action has eased somewhat, the price of BTC is currently hovering around $ 34,000.
The investment manager is one of several large institutional players that entered the cryptocurrency market in the past year. This trend is expected to continue as central banks and governments expand their monetary base to support recovery from the pandemic. Thus, Bitcoin is increasingly seen as a monetary inflation hedge.
Digital assets will be the focus of Davos this week. The Summit, hosted by the World Economic Forum, consists of two sessions dedicated to “resetting the digital currency.” While the debate is likely to revolve around central bank digital currencies or CBDCs, they amplify Bitcoin’s disruptive impact on traditional finance.