Altcoin News: Winklevoss Capital Doubled Amid Rising Bitcoin Prices, Grayscale Assets Exceeded $3 Billion

June 27, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The founding brothers of the Gemini cryptocurrency exchange Cameron and Tyler Winklevoss increased their capitals by more than 2 times since January due to the rise in the price of Bitcoin.

The total assets of the brothers, located mainly in Bitcoin and various digital currencies, reached $1.45 billion — the highest value since March 2018. At the beginning of the year, their fortune was estimated at $654 million.

Digital asset manager Grayscale, meanwhile, reports that the amount of capital placed in its cryptocurrency trust fund exceeded $3 billion. $2.488 billion of them accounted for the Grayscale Bitcoin Trust. On June 25, the value of Grayscale’s assets was $2.7 billion, and a week ago — $2.2 billion.

Image credit: Grayscale

In May, Grayscale reported an increased interest in hedge funds to buy Bitcoin. In the first quarter of 2019, their investments in the company’s products amounted to $24 million, and in the fourth quarter of 2018 only $1 million.

Grayscale GBTC bitcoin trust securities listed on the OTC Markets are currently trading at $17.08. Each of them corresponds to 0,0010 BTC. Thus, the participants investing in them, the markets are forced to overpay about 40% relative to the spot price of the cryptocurrency, which is supposed to be evidence of the demand for the instrument and the underlying asset.

Author: Marko Vidrih