Three Arrows Capital has revealed a position of over $ 1 billion in bitcoin trust of asset manager Grayscale Investments.
According to The Block, the new reporting to the US Securities and Exchange Commission (SEC) provides information about the position of Three Arrows Capital, proportional to the one that was previously reported. Earlier documents indicated that the firm owned 6.26% of the GBTC trust worth $ 259 million, while the latter held 6.1% or 36,969 bitcoins worth $ 1.19 billion at current exchange rates.
“We continue to enjoy working with the Grayscale team and are committed to increasing investments in the cryptocurrency ecosystem,” said Kyle Davis, co-founder of Three Arrows Capital.
According to Three Arrows Capital, its position is the largest in the Grayscale Bitcoin trust. Along with the price of bitcoin, the assets managed by Grayscale also increased. The volume of bitcoins in the GBTC trust is currently estimated at 607,000 BTC ($ 19.3 billion), while back in mid-2020 it did not exceed 400,000 BTC.
GBTC shares are usually overpaid relative to the spot price of the cryptocurrency, which is used by Three Arrows Capital and other similar investors to realize arbitrage opportunities. In the summer of 2017, the overpayment rate for GBTC securities exceeded 100%, but is currently only 18%.
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