Report: $48 Billion Hedge Fund Millennium Management Had GBTC Exposure
Millennium Management, one of the world’s largest hedge funds, reportedly had exposure to Grayscale Bitcoin Trust as NAV fell steeply.
Millennium Management, one of the world’s .
“The arbitrage trade is just so broken,” a source of the Millennium news told TheStreet.
While a Millennium spokesperson declined to comment about its exposure to GBTC, per TheStreet, it is significant that such a large firm reportedly had and potentially still has exposure to the bitcoin market. And it is a positive sign for the asset as it continues to become legitimized in the eyes of Wall Street institutions and investors.
With multiple bitcoin exchange-traded funds (ETFs) pending approval from the U.S. Securities and Exchange Commission, it’s safe to expect an increasing number of hedge funds and institutional investors to add bitcoin exposure over the course of 2021 and beyond.