Texas-based asset manager US Global Investors, managing about $4.6 billion in assets, disclosed a position in the Grayscale Bitcoin Trust (GBTC). As disclosed in a filing with the U.S. Securities and Exchange Commission.
As of June 30, 2021, the gold and precious metals specialist firm held GBTC shares worth $566,389 across three of its eight funds:
- Gold and Precious Metals Fund — $302,899;
- World Precious Minerals Fund — $222,532;
- Global Resources Fund — $40,958.
GBTC’s share of the funds’ total assets stands at 0.19%.
A gold bull and crypto skeptic Peter Schiff noted that US Global Investors chief executive Frank Holmes is also the CEO of the mining company HIVE Blockchain.
Frank Holmes, the CEO of U.S. Global Investors is also the CEO of Hive Blockchain. He has been very active in crypto since 2017. So this is not a surprise nor does it indicate a shift in the way other #gold equity managers view crypto or #Bitcoin.
— Peter Schiff (@PeterSchiff) August 30, 2021
“He has been very active in cryptocurrency since 2017. This [GBTC stake] is not surprising and does not indicate a shift in how other gold-focused fund managers view cryptocurrency or Bitcoin,” he said.
Earlier Schiff won in debates on the superiority of gold over Bitcoin. The investor argued that comparing the two assets is pointless because the first cryptocurrency “lacks the qualities that confer value on gold.”
Back in August Miller Opportunity Trust, billionaire Bill Miller’s disclosed a position of $44.7 million in the Grayscale Bitcoin Trust.
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