fbpx
Connect with us

Crypto

Midwest Bank’s Trust Division Increases Grayscale Bitcoin Holdings By 283%

First Midwest Bank, an Illinois-based financial services company, has recently reported its Grayscale Bitcoin Trust holdings. According to the company’s report, the trust division held 29,498 shares of Grayscale’s Bitcoin Trust since the second quarter of 2021.

According to the reports filed by an investment manager at First Midwest Trust Division to the Securities and Exchange Commission in the U.S, the company had significantly increased its shares of Bitcoin. The report showed the company’s shares of Grayscale Bitcoin Trust had increased more than 283% since the first quarter of 2021, going from 7,693 shares by the end of May up to 29,498 shares by June 30th.

First Midwest also reported the holding was valued at $880k during filing, but they had fallen to $803k. The price of Grayscale Bitcoin Trust, or GBTC shares, had dropped more than 22% in 2021, from $35.08 in January to $27.18 during publication. 

Some of the major institutional managers were quite confident in the cryptocurrency despite the recent volatility. Anatoly Crachilov, the CEO of Nickel Digital, listed 19 companies with a market cap over $1 trillion, had currently around $6.5 billion in bitcoin. First Midwest holds $14 billion in assets under management, therefore its GBTC shares show less than 0.006% of its assets under management.

Grayscale is met with prospects of deploying more than 16,000 Bitcoin connected to its Bitcoin trust on July 18. Even though the investment manager deploys such funds on a routine basis, the upcoming event scheduled in a week and a half is expected to be the largest deployment. According to the reports, 16,240 Bitcoins will be deployed, or $536 million at the time of publication.


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in Crypto

Dogecoin News Hub