Three Arrows $1.24B Grayscale Bitcoin Trust
Three Arrows Capital is deep on bitcoin (Photo: Pixabay/Bianca Holland)
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Three Arrows Capital has $1.24B in Grayscale Bitcoin Trust shares

The Singapore-based investment firm is the biggest holder of Grayscale’s bitcoin fund shares, with shares worth the equivalent of 36,969 BTC

By  / January 5, 2021 /

Three Arrows Capital, a crypto asset manager registered in Singapore, owns $1.24 billion worth of shares in the Grayscale Bitcoin Trust.

According to documents published on Jan. 4 by the United States Securities and Exchange Commission (SEC), Three Arrows Capital is the biggest holder of Grayscale Investments’ bitcoin fund shares, with 36,969 BTC worth, equivalent to about $1.24 billion. The company owns over 6% of all the existing shares of the fund.

Grayscale Bitcoin Trust is the world’s biggest Bitcoin fund, which it says worth $19.1 billion as of Jan. 4.

Grayscale saw rapid growth this year, and in September was once even reported to be buying $200 million worth of Bitcoin in three days.

Grayscale also offers trusts giving exposure to Ether (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar (XLM), and Zcash (ZEC), as well as the Grayscale Digital Large Cap Fund, which combines the top cryptocurrencies. 

That fund announced on Jan. 5 that it had liquidated its XRP holdings as a result of the SEC’s lawsuit against Ripple, which calls XRP an unregistered security. Its Grayscale XRP Trust remains, but has been closed to private placement.

The value of the assets contained in all of Grayscale’s other funds combined is not worth half of the Grayscale Bitcoin Trust’s value.

Grayscale is not the only crypto fund manager that saw investor adoption of its product grow rapidly this year. As Modern Consensus reported yesterday, cryptocurrency index fund provider Bitwise Asset Management just exceeded $500 million in assets under management, a fivefold increase in just a couple of months.

Furthermore, a new cryptocurrency-based tradable product believed to be much more important than those could soon see the light of day. Earlier this month, investment management firm VanEck filed with the U.S. Securities and Exchange Commission to launch a Bitcoin exchange-traded fund, or ETF.

While no Bitcoin ETF has been approved in the past, there are hopes that the departure of SEC Chairman Jay Clayton last month removed a key hurdle.

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Adrian is a newswriter based out of Pisa, Italy. He's passionate about cryptocurrency, digital rights, IT, tech and futurology and likes to think about the future in a positive way.