Apart from Satoshi Nakamoto, who is the biggest one who can most influence the direction of the Bitcoin market?
Is it listed companies such as Microstrategy and Tesla, or is it a native digital asset company such as Block one, or the US government? neither. At least for the past year, the answer is Grayscale Trust, a digital asset investment company.
As of press time, 27 listed companies, including Microstrategy, hold a total of 175,811.03 bitcoins, accounting for 0.83% of the total bitcoin; while Grayscale Bitcoin Trust has held approximately 654,919 bitcoins as of press time, accounting for 3.12% of the total amount of Bitcoin is nearly 4 times the total of 27 listed companies.
Why is the gray-scale Bitcoin trust fund developing so fast? Compared with buying bitcoins directly, Grayscale Bitcoin Trust Fund (GBTC) eliminates storage problems and custody costs; for institutional investors, buying GBTC also avoids the loss of centralized trading platform slippage; In addition, because Bitcoin funds such as GBTC are traditional securities, they are also more compliant in taxation, which can save part of the cost.
In addition to the gray-scale GBTC, there are seven digital asset funds with holdings exceeding 10,000 bitcoins. On February 18th, the world’s first Bitcoin ETF, Purpose Bitcoin ETF, began trading on the Toronto Stock Exchange. Bitcoin’s fund market has become more diversified and compliant. Obviously, Bitcoin funds represented by GBTC are becoming the mainstream of the market. Today, OKLink will take everyone to take an inventory, in addition to Grayscale, which bitcoin funds with over 10,000 positions are worthy of attention.
TOP1: Grayscale bitcoin trust (GBTC) is the largest bitcoin fund in the world. The trust was established in 2013. In 2015, GBTC was listed on the OTC market, opening up the primary and secondary markets. In 2018, Grayscale Bitcoin Trust became the first Bitcoin fund to report to the SEC. When “qualified investors” and institutions subscribe for GBTC during the open period, they can use cash or BTC to subscribe for fund shares. After the subscription is successful, Bitcoin will be cold stored by Coinbase Custody as the custodian. Users will receive an equivalent share of GBTC, which will be locked for 6 months. After that, they can be circulated in the secondary market OTCQX.US. Investors need to pay to Grayscale. Pay an annualized 2% management fee. Since 2014, GBTC no longer supports redemption due to the relevant penalties of the SEC.
Currently, Grayscale Bitcoin Trust has purchased 654,919 Bitcoins, valued at more than 37.3 billion U.S. dollars. According to OKLink data, Three Arrows Capital and BlockFi are the largest holders of GBTC, indirectly holding 36,800 and 34,200 bitcoins, respectively. Companies under the famous “Rothschild family” in “Currency War” also passed the ash Degree holds 28.81 bitcoins.
TOP2&3: Bitcoin Tracker One, Bitcoin Tracker Euro
CoinShares is the largest digital asset management company in Europe. It has established a subsidiary XBT Provider and issued 8 digital asset funds covering Bitcoin, Ethereum, Litecoin, and Ripple.
Currently, XBT Provider has launched two Bitcoin funds in May and October 2015, namely Bitcoin Tracker One and Bitcoin Tracker Euro. Both funds belong to ETN (Exchange-Traded Notes) products. All are currently publicly traded on Nasdaq Nordic. Investors can subscribe to purchase shares to purchase bitcoins. The purchased bitcoins are hosted by Komainu (Jersey) Limited, which is a custody service platform jointly established by companies such as CoinShares and Nomura Securities. The investor’s income comes from the income of the fund index during the holding period minus some necessary management and operating expenses. Currently, the annual management fees of these two ETNs are both 2.5%. According to CoinShares official website data, as of press time, the two products have a total of 3.351 billion US dollars in assets under management, a total of approximately 69,730 bitcoins, second only to Grayscale Bitcoin Trust, which supports redemption.
TOP4: Ruffer Investment Company Ruffer Investment Company is an asset management giant listed on the London Stock Exchange. It was established in 1994. According to public market information, it currently manages approximately £20 billion in assets for 6,600 clients. In November last year, the company transferred 2.5% (£550 million) of its assets under management to Bitcoin to diversify its investment in anti-inflation bonds such as gold. Currently holding 45,000 Bitcoins, valued at approximately US$2.561 billion.
TOP5: 3iQ The Bitcoin Fund
3iQ is Canada’s largest digital asset investment fund management company. Founded in 2012, its assets under management exceed 325 million Canadian dollars. In October 2019, 3iQ was approved by the Ontario Securities Commission to launch The Bitcoin Fund (QBTC). In March 2022, 3iQ officially launched the fund, which was publicly traded on the Canadian Stock Exchange (TSX) in April. Currently, there are 20,963,216 QBTCs in circulation in the market, each representing 0.00112404 bitcoins, a total of 23,563.49 bitcoins.
After investors subscribe to QBTC, the purchased bitcoins will be escrowed by the Cidel Trust Company. The Gemini Trust company is a sub-custodian, that is, a trusted company that is qualified to custodial product assets held outside of Canada. Every year, 3iQ charges fund holders a management fee of 1.95%. According to 3iQ official data, from November last year to March this year, QBTC received enthusiastic praise, and its market share soared nearly three times, from 7,977,053 shares to 20,963,216 shares, supporting redemption.
TOP6: ETC Group: BTCetcETC Group is a European investment company dedicated to the development of digital asset securities, headquartered in London. At present, the company has launched two digital asset ETC funds, BTCetc (BTCE) and ETHetc (ZETH). ETC is a mortgage (asset-backed), open-ended (no maturity date), non-interest-paying debt instrument. Investors do not need to purchase physical objects or futures contracts to gain exposure to basic commodities.
BTCE will be on sale in June 2020. It corresponds to Bitcoin 1:1. It is sold and distributed by ETC Group and HANetf. It has been registered for sale in more than 20 countries including the United Kingdom and Germany. Currently, investors can trade BTCE on the German Stock Exchange (XETRA) and the Swiss Stock Exchange (SIX).
Investors can purchase BTCE 1:1, and the purchased BTC will be custodialized by BitGo Trust Company at an annual rate of 2%. Currently, BTCE has sold a total of 22,026,067 copies, each corresponding to 0.00098407 bitcoins, holding a total of 21,691.763 bitcoins, and supports redemption.
TOP7: Purpose Bitcoin ETFPurpose BitcoinETF was launched by Canadian asset management company Purpose Investments, which was established in 2013 and currently has more than 10 billion US dollars in assets under management. On February 11, 2021, Purpose Bitcoin ETF (BTCC) was officially approved, becoming the world’s first Bitcoin ETF. On February 18th, BTCC officially began trading on the Toronto Stock Exchange.
Investors can buy BTCC on the Toronto Stock Exchange, just like other stocks. After that, Purpose Investments will purchase bitcoins through institutional liquidity providers (including Genesis), and deliver the purchased bitcoins to Gemini Trustcompany for cold storage custody, and at the same time charge investors a 1% management fee each year.
At present, PurposeInvestments is divided into three categories under BTCC: BTCC (buy in Canadian dollars, hedge against USD risk), BTCC.B (buy in Canadian dollars, not hedged), and BTCC.U (buy in U.S. dollars), with assets under management reaching 1.04 billion US dollars, holding 14195.3828 bitcoins, currently does not support redemption.
TOP8: Bitwise 10 Crypto Index Fund Bitwise Asset Management was established in 2017. It is a digital asset index fund provider. The team is located in San Francisco. The management funds currently exceed 700 million US dollars. It serves institutions, family offices, financial institution asset advisors and high net worth individual users. . In 2017, the company launched the Bitwise 10 Crypto Index Fund (BITW), which selected the top ten digital assets with market capitalization such as Bitcoin and Ethereum, and adjusted them based on the weighted market value once a month. By tracking the price trends of 10 digital assets, Out index.
After BITW, qualified investors can circulate the purchased fund shares in the OTCQX secondary market. BITW has a certain premium in the secondary market, usually about twice the net assets. At present, the fund has sold a total of 19,627,242 shares, with total assets of 936 million U.S. dollars, holding an estimated 12,724.53 bitcoins, and redemption is not currently supported.
The securitization of digital assets represented by Bitcoin seems to be becoming an industry trend. With the continuous growth of the asset management scale of funds such as Grayscale, BitcoinTracker One, The Bitcoin Fund, etc., Bitcoin ETF products such as Purpose Bitcoin ETF and Evolve Bitcoin ETF have been listed successively, and ordinary investors have obtained safe and simple exposure to investing in Bitcoin. . On the one hand, this has enriched the investment tools for investing in Bitcoin, and expanded the exposure of funds to the Bitcoin market. On the other hand, it has also made effective explorations for the compliance of digital assets. The financial potential of digital assets such as Ethereum and UNI Get a chance to release. With the help of investment tools such as ETF, ETN, and ETC, the pace of “mainstreaming” assets such as Bitcoin has been accelerated, and the financial attributes of digital assets have been further activated. The exploration of foreign Bitcoin funds has provided a good research paradigm for the exploration of a new global financial system. Perhaps in the near future, more abundant digital asset financial products will continue to emerge, ultimately benefiting every industry participant.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.