Millennium Management, a $48 Billion multi-strategy hedge fund is believed to have gained exposure to Bitcoin through Grayscale Bitcoin Trust (GBTC) as reported by The Street. This is a big news considering Millennium Management is largest hedge fund yet to have Bitcoin exposure. Also, as reported by CoinGape recently, Grayscale is also planning to convert the Bitcoin trust to Bitcoin ETF.
Millennium Management Largest Hedge Fund to Trade GBTC
As per the reports, Millennium Management was among the investors exposed to free fall of net asset value of GBTC. As of now, the hedge fund has $48.3 Billion asset under management and is by far the largest to be exposed to Bitcoin. This is interesting because it indicates the large scale of institutional interest GBTC is attracting and why they are leading in race of Bitcoin ETF. The volume of Millennium’s investment in GBTC is still not known.
The SEC needs to take a call for VanEck’s Bitcoin ETF application by early May where they may finally approve or reject the application.