First Midwest Bank Trust Division Reportedly Increases 283% Shares in Grayscale Bitcoin Trust 

Sahaj  |  Jul 9, 2021

It has been recently reported that First Midwest Bank Trust Division held 7,693 shares in March and by the end of June, the shares in the Grayscale Bitcoin Trust rose to 29,498. The company reported its holdings to the Securities and Exchange Commission for Quarter 1 of 2021 revealed the trust division of the bank had 29,498 shares of Grayscale Bitcoin Trust that are worth over $880,000.

Trust Division of Illinois-based FSC First Midwest Bank Increases Holdings in Grayscale Bitcoin Trust

In accordance with an institutional investment manager holdings report filed to the United States Securities and Exchange Commission by the First Midwest Bank Trust Division, the firm increased its shares of Grayscale Bitcoin Trust significantly over that of the Q1 of 2021.

At the time of filing, it was reported that the holdings were worth $880,000, however, they have slipped to around $803,000 as the GBTC share price plunged over 22%.

Anatoly Crachilov, the CEO of Nickel Digital said that 19 listed firms that have a market capitalization of over one trillion had around $6.5 billion invested in the flagship currency at present.

First Midwest Bank has around $14 billion in assets under management, so its Grayscale Bitcoin Trust shares represent less than 0.006% of its total assets under management.

Over 16K Bitcoin in Relation to BTC Trust to be Unlocked on July 18

It is expected that Grayscale will be unlocking over 16,000 Bitcoin in relation to the BTC trust of the company on July 18.

Well, it is not a new thing as the company has already done this before, but this event is the largest with 16,240 BTC becoming available, that too in less than two weeks.

As for the worth of these coins, the coins are roughly worth $536 million at the time of writing this article.

Also, it should be noted that the unlocking of these shares will be impacting the price of Bitcoin for sure.

Related News