A host of Wall Street funds have minted profits riding the recent crypto fever after Grayscale Investments LLC snagged a big win over America’s top financial watchdog in its bid to create a US Bitcoin ETF.
Money managers including the likes of Cathie Wood and Boaz Weinstein appear to have been well positioned for the crypto firm’s victory, after scooping up shares of the Grayscale Bitcoin Trust at the height of its recent distress.
“We saw the Grayscale case, we saw some of the judge’s comments and were saying, ‘The SEC’s going to lose this, and that will help this discount,’” Wood said in an interview. “We thought the discount was going to close — and it has closed some, but not altogether.” At Saba, GBTC was among the largest holdings in Weinstein’s $364 million Saba Capital Income & Opportunities Fund through the end of July, according to the latest available data. The fund took its position in April, according to data compiled by Bloomberg, a month in which the trust discount averaged about 38%. It reduced holdings partially in July, when the dislocation averaged 27%.
Aristides Capital LLC is still engaging with the arbitrage, according to Chris Brown, managing partner. The Louisville, Kentucky-based hedge fund first began trading GBTC shares in late 2021, and held $13.3 million worth through the end of June, Bloomberg data show.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Bitcoin ETF: Institutions rush in as new filings ignite frenzyBitcoin and Bitcoin Cash rally amidst ETF rush, as Templeton's entry sparks market frenzy.
Lire la suite »
UNESCO approves report outlining threats to Wood Buffalo National ParkThe United Nations body that oversees World Heritage Sites is approving a report that finds Wood Buffalo National Park's place on that list is in danger.
Lire la suite »
UNESCO approves report outlining threats to Wood Buffalo National ParkThe United Nations body that oversees World Heritage Sites is approving a report that finds Wood Buffalo National Park's place on that list is in danger.
Lire la suite »
UNESCO approves report outlining threats to Wood Buffalo National ParkThe United Nations body that oversees World Heritage Sites is approving a report that finds Wood Buffalo National Park's place on that list is in danger.
Lire la suite »
UNESCO approves report outlining threats to Wood Buffalo National ParkThe United Nations body that oversees World Heritage Sites is approving a report that finds Wood Buffalo National Park's place on that list is in danger.
Lire la suite »
UNESCO approves report outlining threats to Wood Buffalo National ParkUnited Nations body says Wood Buffalo National Park is threatened by construction of dams, oil sands development
Lire la suite »