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Hedge Fund Behemoth Millennium Management Dips Its Toes into Bitcoin

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Wed, 7/04/2021 - 14:45
Hedge Fund Behemoth Millennium Management Dips Its Toes into Bitcoin
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According to an April 7 report by financial news outlet TheStreet, New York-based Millennium Management has traded the shares of Grayscale's Bitcoin Trust.

Citing two anonymous sources, TheStreet says that Millennium got burned by GBTC plunging into discount territory last month:

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The arbitrage trade is just so broken.

GBTC shares are currently trading at an 8.35 percent discount to net asset value, according to YCharts data, which does not sit well with stakeholders. As reported by U.Today, Grayscale recently confirmed its intentions to convert the trust into an exchange-traded fund earlier this week.

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Another sign of institutional adoption

It is not known how many GBTC shares the investment firm currently owns. However, the fact that Millennium Management—which boasts $48.3 million worth of assets under management—actually moved into crypto is yet another sign of institutional FOMO.

Multiple prominent hedge fund managers, including Paul Tudor Jones, have already embraced Bitcoin, which resulted in another massive price run.

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