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Hedge Fund Behemoth Millennium Management Dips Its Toes Into Bitcoin

source-logo  u.today  + 5 more 07 April 2021 15:41, UTC

According to an Apr. 7 report by financial news outlet TheStreet, New York-based Millennium Management has traded the shares of Grayscale’s Bitcoin trust.   

Citing two anonymous sources, TheStreet says that Millennium got burned by GBTC plunging into discount territory last month:

The arbitrage trade is just so broken.

GBTC shares are currently trading at an 8.35 percent discount to net asset value, according to YCharts data, which doesn't sit well with stakeholders.                   

It is not known how many GBTC shares the investment firm currently owns. However, the fact that Millennium Management actually moved into crypto is yet another sign of institutional FOMO.

Multiple prominent hedge fund managers, including Paul Tudor Jones, have already embraced Bitcoin, which resulted in another massive price run.

u.today

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