According to a report filed with the Securities and Exchange Commission (SEC) for the second quarter of 2021, the bank’s trust division held 29,498 shares in Grayscale’s Bitcoin Trust, which was worth more than $880,000.
First Midwest Bank’s trust division revealed that it owns 29,498 shares in Grayscale’s Bitcoin Trust as of the second quarter of 2021. First Midwest Bank is situated in Illinois and provides financial services.
According to an institutional investment manager holdings report filed with the U.S. Securities and Exchange Commission by the First Midwest Bank Trust Division, the U.S.
According to the Securities and Exchange Commission, the company increased its holdings in Grayscale’s Bitcoin (BTC) Trust by more than 283 percent compared to the first quarter of 2021, going from 7,693 shares at the end of March to 29,498 shares in two separate lots on June 30, according to the SEC.
When the registration was made, the holdings were valued $880,000, but they have subsequently been reduced to approximately $803,000, according to First Midwest Securities.
In the first four months of this year, the share price of Grayscale’s BTC Trust, or GBTC, has declined by more than 22%, from $35.08 on January 4 to $27.18 at the time of publication.
The asset has been trading at a discount of approximately 15 to 20 percent to its Bitcoin holdings.
Following recent turbulence, Cointelegraph reported yesterday that big institutional investment managers were still seemingly confident in cryptocurrencies, according to the publication.
Nickel Digital CEO Anatoly Crachilov stated that 19 publicly traded corporations with a market capitalization of more than $1 trillion currently have “approximately $6.5 billion” invested in Bitcoin.
First Midwest manages $14 billion in assets under management, therefore its GBTC shares account for less than 0.006 percent of its total assets under management (AUM).
Grayscale expects to “unlock” more than 16,000 Bitcoin associated with their BTC trust on July 18, according to reports.
Despite the fact that the investment manager unlocks assets on a regular basis, the event scheduled in less than two weeks is likely to be the largest, with 16,240 BTC (equivalent to around $536 million at the time of publication) becoming available.