Hedge Fund Giant, Millennium Management, Exposed to Bitcoin Through Grayscale’s GBTC: Report

$48 billion hedge fund Millennium is the latest to enter the Bitcoin market through Grayscale Bitcoin Trust (GBTC) and appears to be the largest hedge fund firm yet to join the GBTC trade

Multi-strategy hedge fund operator Millennium Management was exposed to the late March fall of the net asset value of GBTC, reported TheStreet citing sources with knowledge of the matter.

GBTC is currently trading at a discount to the Bitcoin price and has been throughout March and now in April as well. It first started in late February when the popular and much-coveted GBTC premium collapsed and went negative.

It is, however, unclear if the New York-based fund booked any loss on the crowded trade.

While GBTC trade wasn’t consequential for the firm, Millennium’s entry into the market is another bullish sign.

Run by founder Izzy Englander, Millennium has $48.3 billion of assets under management.

Grayscale is a closed-end fund, not having a redemption option requiring the participants to maintain their GBTC exposure for at least six months.

The fund announced this week that it is 100% committed to convert the trust into a Bitcoin exchange-traded fund (ETF) and bring down the management fee, which is currently at 2%.

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