Market Analysis Report (31 Aug 2021)

Texas-based investment manager, U.S. Global Investors, has bought exposure to Bitcoin. According to a filing with the United States Securities and Exchange Commission (SEC), they have acquired $566,389 worth of shares of Grayscale’s Bitcoin Trust.

The filing shows that the company invested $566,389 across three of its eight mutual funds as of June 30. This includes $302,899 GBTC in its Gold and Precious Metals Fund, $222,532 in its World Precious Minerals Fund and $40,958 in its Global Resources Fund.

U.S. Global Investors Bitcoin exposure currently represents 0.19% of the net assets in the fund. Although some sources find the investment to be surprising from a firm that has significant exposure to gold and other minerals,Peter Schiff, a well-known advocate of gold, believes that this investment:

“Is not a surprise nor does it indicate a shift in the way other gold equity managers view crypto or Bitcoin. ”

U.S. Global Investors joins an ever-growing list of major firms that have purchased GBTC to gain exposure to Bitcoin, including Morgan Stanley’s Insight Fund, Edge Wealth Management, JPMorgan Chase, Ark Invest, and Rothschild Investment Corporation.

Source: https://www.cryptocompare.com/email-updates/daily/2021/aug/31/