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Crypto News

Three Arrows Capital buys over $1 billion Bitcoin

Saudu Clement
Saudu Clement

According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Three Arrows Capital, a Singapore-based hedge fund has bought about $1.3 billion worth of stock traded bitcoin.

The firm bought 38,888,888 shares issued by Grayscale’s Bitcoin Trust (GBTC) at $34.10 per share. The interesting thing is that each share is redeemable for actual bitcoin at the rate of 0.001 BTC.

Although it is unclear whether Three Arrows made the purchase under the directions of a specific client, the large buy currently stands as the biggest one-off purchase. Nonetheless, Three Arrow’s position represents 6.1% of GBTC’s holdings. Speaking on the recent development, co-founder of Three Arrows Capital, Kyle Davies, said:

We continue to enjoy working with the Grayscale team and look forward to investing more in the crypto ecosystem.

Grayscale has been making the headlines for several weeks now. The crypto asset management firm currently stands tall as the largest in the world with its total asset under management sitting at over $20 billion.

Grayscale’s rise to prominence in less than a year is an indication that investors are interested in digital assets.