US Global Investors Gets into The Crypto-Space Through GBTC

U.S. Global Investors added more than $566,389 worth of shares of GBTC to three of its eight mutual funds as of June 30.
US Global Investors Gets into The Crypto-Space Through GBTC

In Brief:

  • U.S. Global Investors added more than $566,389 worth of shares of GBTC.
  • The Bitcoin (BTC) exposure represents up to 0.19% of the net assets in the funds.

The US Global Investors, a Texas-based investment manager, has bought exposure to Bitcoin. The firm, in Q1, reported $4.6 billion in assets under management.

According to the SEC Filings, U.S. Global Investors added more than $566,389 worth of shares of GBTC to three of its eight mutual funds as of June 30. Per the filings,  the company invested $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.

The Gold and Precious Metals Fund has around $158 million in assets under management. Out of which the BTC exposure represents 0.19% of the firm’s net assets in funds. The firm classified GBTC as common equity. But the move comes as a surprise given its significant exposure to gold, minerals, precious metals, petroleum and other natural resources. 

“This is not a surprise nor does it indicate a shift in the way other gold equity managers view crypto or Bitcoin,” said gold bug Peter Schiff noting that the CEO of U.S. Global Investors, Frank Holmes, is also the executive chair of crypto mining firm Hive Blockchain.

Earlier, benefitting from the inflation, other major firms such as Ark Investments, Morgan Stanley, Edge Wealth Management, JPMorgan Chase, and Rothschild Investment Corporation also have exposure to BTC through Grayscale

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