Jun 11, 2020 18:30 UTC
Jun 11, 2020 at 18:30 UTC
Three Arrows Capital Acquires Major Stake in GBTC
Three Arrows Capital is a cryptocurrency fund management firm situated in Singapore. The firm has reportedly acquired a significant stake in the Grayscale Bitcoin Trust (GBTC), as indicated by a new documenting with the US Securities and Exchange Commission (SEC).
The firm recorded a schedule 13D revelation to the SEC on Thursday subsequent to amassing 21,057,237 shares, or 6.26%, of the trust for a sum esteemed more than 20,000 BTC or around $193 million, as indicated by a filing dated June 10.
A Schedule 13D form or beneficial proprietorship report is required when an individual or a group (firm) obtains over 5% of any class of an organization’s shares. The data must be revealed to the Securities and Exchange Commission within a 10-day time frame from the date of the transaction under current guidelines.
Grayscale Investments is the world’s biggest digital currency asset manager with its flagship product, the Grayscale Bitcoin Trust that was set up back in 2013. As of June 11, 2020, the trust holds around 365,000 BTC worth $3.6 billion, as per Grayscale’s site.
Su Zhu, co-founder and CEO at Three Arrows Capital said –
“Grayscale is one of the most professional and beneficial companies in the crypto ecosystem. We enjoy working with their team and are proud to be the first investor to file a Schedule 13D/G with the SEC for over 5% ownership.”
On January 21, GBTC turned into a SEC-compliant detailing organization in the wake of filing a Form 10 with the SEC. Otherwise called the General Form for Registration of Securities, it is utilized to enroll a class of securities for trading on US-based cryptocurrency exchanges. An organization with over $10 million in complete resources under management is required to record a form 10 with the Securities and Exchange Commission.