With almost half the 45-day reporting window for Q2 gone, new 13-F disclosure forms have started showing up.

It’s unclear whether we’ll see another jump in the number of firms reporting Bitcoin exposures to the SEC. As it stands, 10 firms reported holdings of Grayscale Bitcoin Trust (GBTC) shares. 

All but one of those that reported GBTC in Q1 increased their holdings, some quite significantly – Adams Asset Advisors went from 3,568 to 35,665 and Rothschild Investment Corp from 38,346 to 141,405 shares.

gbtc-bitcoin-exposure-q2-sec

But that's not necessarily the resounding endorsement that it seems, said Kirill Suslov, CEO of trading app TabTrader in an email.

“Rothschild are not believers in crypto. First, their $1.6B vehicle got an exposure to bitcoin in the amount of only $3.4M. Second, GBTC holding doesn't even make top 50 in their portfolio asset allocation," he wrote. "And finally following a Markowitz portfolio allocation theory they have to invest in any asset that presents diversification benefits to the entire portfolio, and thus crypto to them will stop being interesting once it stops being uncorrelated to the broader market.”

Something we’re also seeing in the partial data for Q2: Firms are branching out into other Bitcoin exposure like mining and services. 

Twenty-five reported Riot Blockchain (RIOT.) Ferguson Wellman Capital Management reported 200,000 shares of Idaho-based XTRA Bitcoin (CBTC). IFP Advisors reported 10,000 shares of Bitcoin Services (BTCS), a Michigan-based company that provides escrow services.

With almost half the 45-day reporting window for Q2 gone, new 13-F disclosure forms have started showing up.

It’s unclear whether we’ll see another jump in the number of firms reporting Bitcoin exposures to the SEC. As it stands, 10 firms reported holdings of Grayscale Bitcoin Trust (GBTC) shares. 

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