Edge Wealth Management 40% More BTC

Edge Wealth Management has disclosed ownership of 54,134 shares of Grayscale Bitcoin Trust (GBTC) in a 13F-HR form filing with the U.S. Securities and Exchange Commission (SEC), representing a 43.95% increase in the 37,605 shares it held in April.

GBTC has become a popular investment vehicle among institutions for obtaining indirect exposure to bitcoin. The trust, which might turn into an exchange-traded fund (ETF) soon, attempts to track the bitcoin market price, minus fees and expenses.

Edge’s move over the past quarter took place while the Bitcoin price experienced a significant decline, now trading 50% below its previous high in April. This demonstrates a “buy the dip” mentality among institutional investors, who are enjoying lower prices to accumulate more bitcoin – something Grayscale CEO Michael Sonnenshein also recently commented on.

Additionally, comparing Edge’s two most recent quarter filings reveals that the firm liquidated all exposure to ether that it had through Grayscale Ethereum Trust, now a total of zero shares. The company may have realized the uniqueness of bitcoin and enjoyed [indirectly] stacking sats at a discount.

Institutional interest in bitcoin has increased dramatically in 2021, driving an ETF analyst claim that it might end up leading the SEC to hurry and approve a bitcoin exchange-traded fund this year still.