According to a Nov. 20 report, some institutional investors are buying into the publicly traded Grayscale Bitcoin Trust (GBTC). The report comes from analysts at JPMorgan Chase citing that the institutional investors are taking on Bitcoin exposure. (Note: Grayscale is a unit of Digital Currency Group, which owns CoinDesk.)
Guggenheim, a money manager that oversees $233 billion for investors, also said in its regulatory filings that its Macro Opportunities Fund might allocate up to 10% of net assets to GBTC.
Another factor also happens that the outstanding number of bitcoin futures contracts is surging on the Chicago Mercantile Exchange, which is seen as another sign that big investors are using commodities markets to speculate on the cryptocurrency’s price, according to the JPMorgan report.