Edge Wealth Management Increases Bitcoin Exposure By Over 40%

Edge Wealth Management has disclosed ownership of 54,134 shares of Grayscale Bitcoin Trust (GBTC) in a 13F-HR form filing with the U.S. Securities and Exchange Commission (SEC), representing a 43.95% increase in the 37,605 shares it held in April.

GBTC has become a popular investment vehicle among institutions for obtaining indirect exposure to bitcoin. The trust, which might turn into an exchange-traded fund (ETF) soon, attempts to track the bitcoin market price, minus fees and expenses.

Edge’s move over the past quarter took place while the Bitcoin price experienced a significant decline, now trading 50% below its previous high in April. This demonstrates a “buy the dip” mentality among institutional investors, who are enjoying lower prices to accumulate more bitcoin – something Grayscale CEO Michael Sonnenshein also recently commented on.



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