Original title: "Analyzing the Gold Master Behind Grayscale"

Original author: Ann Hsu | Chief Strategist of Chain Hill Capital

This article was written by Ann Hsu, Chief Strategist of Chain Hill Capital (Qianfeng Capital). Unauthorized reprinting is strictly prohibited. For reprinting, please contact the official account of Chain Hill Capital Qianfeng Capital.

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29 institutional accounts hold trust shares

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As of November 9, a total of 23 institutional investors have publicly held positions

Source: Fintel Graphics: Chain Hill Capital

Among the 23 institutions holding positions, some institutions hold grayscale bitcoin trust in multiple products under their control, and a total of 29 institutional-level accounts hold trust shares.

The mutual fund Horizon Kinetics has five trust funds (KINETICS PORTFOLIOS TRUST) and one closed-end fund (RCG) invested in the Grayscale Bitcoin Trust. The five trust funds hold a total of 5.1777 million The closed-end fund RCG (the securities code of RENN Fund, Inc. listed on the US stock market, RENN Fund, Inc. is a closed-end fund under Horizon Kinetics) holds 5,460 trust shares.

The main body of hedge fund Ark Investment Management Co., Ltd. also holds Grayscale Bitcoin Trust, with a position share of 5.1704 million shares; its "Next Generation Internet ETF" (ARK Next Generation Internet ETF) holds 3.1544 million trust shares.

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Source: Fintel Graphics: Chain Hill Capital

Based on the calculation that each trust share corresponds to 0.00095299 bitcoins on November 9, the trust shares held by 29 institutional-level accounts correspond to a total of about 56,753 bitcoins. Among them, the largest holding is the encrypted asset lending company Block, and the number of bitcoins corresponding to the holding trust share is about 23,096.

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Source: Fintel Graphics: Chain Hill Capital

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Crypto asset lending company BlockFi

BlockFi is a New York-based crypto asset lending firm founded in 2017 by Zac Prince and Flori Marquez. BlockFi is a secured non-bank lender that provides U.S. dollar loans to mortgagers who have borrowed against crypto assets, aiming to provide credit services to markets that are difficult to access to simple products such as savings accounts.

Founder Zac Prince (Zac Prince) graduated from Texas State University and has extensive experience in the field of Internet lending. Before starting BlockFi, he led brokers in the field of online lending and RIA's Orchard Platform and the business development team of online consumer lender Zibby. Another founder, Flori Marquez, has a close career in amateur fixed income, serving as a fund manager for a $30 billion fixed-income portfolio.

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Source: BlockFi official website

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Hedge Fund Three Arrows Capital

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Source: Three Arrows Capital official website Drawing: Chian Hill Capital

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Mutual Fund Horizon Dynamics

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Source: Horizon Kinetics official website

Kinetics Mutual Funds,image description

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rothschild family

In the list of institutions is a family investment company with a long history - Rothschild Investment Corp. The reason why it is listed is that the company has a very long history and represents the optimism of the "old money" in the traditional field for the emerging encryption field.

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Source: Rothschild Investment Corp official website

As of June 30, 2020, the assets under management (AUM) of Rothschild Investment Company was US$1.397 billion, and it had 1,405 clients worldwide. Its largest investment target was Apple, holding 413,200 shares of Apple.[0]. [0] Data source: whalewisdom

Since its establishment in 2017, Chain Hill Capital (Qianfeng Capital) has focused on the value investment of global blockchain projects. It has created early-stage and growth-stage equity investments and encrypted digital asset investment matrices of Alpha Strategy and Beta Strategy. Global resource relationship network, strategic layout of Chicago, New York, Tokyo, Beijing, Shanghai, Shenzhen, Hong Kong, Xiamen and other city nodes. With a wealth of overseas investment institutions and a global high-quality project resource pool, it is an international blockchain venture capital fund.

About Chain Hill Capital

Since its establishment in 2017, Chain Hill Capital (Qianfeng Capital) has focused on the value investment of global blockchain projects. It has created early-stage and growth-stage equity investments and encrypted digital asset investment matrices of Alpha Strategy and Beta Strategy. Global resource relationship network, strategic layout of Chicago, New York, Tokyo, Beijing, Shanghai, Shenzhen, Hong Kong, Xiamen and other city nodes. With a wealth of overseas investment institutions and a global high-quality project resource pool, it is an international blockchain venture capital fund.

Supported by a professional team with multicultural backgrounds, members of the core departments - Investment Research Department, Trading Department, and Risk Control Department are all from well-known universities and institutions at home and abroad. They have a solid financial background, excellent investment research capabilities, and a keen sense of the market Sensitive ability, highly awe of the market and risks. The Investment Research Department combines rigorous basic research with mathematical and statistical models to obtain investment strategies such as "Pure Alpha" and "Smart Beta", and will soon export institutional-level research reports and project due diligence reports.