Colin Harper

A Bitcoin fund based in Singapore is mass-buying Bitcoin from one of Wall Street’s go-to brokers for cryptocurrency exposure.

Three Arrows Capital, a cryptocurrency investment firm, has purchased roughly 6% of the outstanding shares in Grayscale’s Bitcoin Investment Trust, according to documents filed with the US Securities and Exchange Commission.

Grayscale’s Bitcoin trusts have long provided institution-grade exposure to Bitcoin for the financial world’s high rollers. Three Arrows Capitol’s 6% position (which is, coincidentally, just over 21 million shares, perhaps a nod to Bitcoin’s total supply) is worth 20,000 BTC. The form detailing this information, Schedule 13D, is a requisite for any company taking a 5% or more stake in a given firm’s shares.

Three Arrow Capital’s 20,000 Bitcoin allocation is just a drop in the bucket, though, of the roughly 360,000 Bitcoin ($3.4 billion) the company custodies for its clients. 

This news comes after unconfirmed reports from _TechCrunch_ founder and investor Michael Arrington which suggest that Three Arrows Capital had purchased a 10% stake in the Derebit exchange, a leading playing the Bitcoin options trading world, at a $350 million valuation and then immediately tried to flip their stake for a $700 million valuation.

> Ok, so this crazy Derebit story I mentioned last week. https://t.co/p8oC8Ov1H4 It's a shakespearean drama. Press has been asking me (and everyone else) about it. Instead of saying it all off record, here's what I know.
> 
> — Michael Arrington (@arrington) June 10, 2020

Three Arrows Capital did not respond to _Decrypt’s_ request for comment.


bitcoin

business

cryptocurrency

finance

investing

money

<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.\r\n\r\nBitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.\r\n&quot;}" data-sheets-userformat="{&quot;2&quot;:803,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:14281427},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;11&quot;:4,&quot;12&quot;:0}">Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.</span>

Bitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.

Bitcoin

Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.

Bitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.

<ul>
<li>Three Arrows Capital has purchased a 6% stake in the Grayscale Bitcoin trust.</li>
<li>This represents just over 21 million shares, coincidentally reflecting Bitcoin’s total supply.</li>
<li>Worth 20,000 BTC, the stake is a sizable portion of the 360,000 BTC ($3.4 billion) the fund holds.</li>
</ul>

In brief

Insights into the biggest events shaping the crypto industry.

News

The Singapore-based Three Arrows Capital has just bought up a little more than 6% of the $3.4 billion Grayscale Bitcoin Investment Trust.

Singapore-based crypto fund takes a big bite of Grayscale Bitcoin Trust

The Singapore-based Three Arrows Capital has just bought up a little more than 6% of the $3.4 billion Grayscale’s Bitcoin Investment Trust.

In brief