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

ABitcoin 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 TechCrunchfounder and investor Michael Arrington which suggest that Three Arrows Capital had purchased a 10% stake in the Derebit exchange, a leading playing the Bitcoin optionstrading world, at a $350 million valuation and then immediately tried to flip their stake for a $700 million valuation.

Michael Arrington


Ok, so this crazy Derebit story I mentioned last week.  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


This derebit story is one of the most interesting things I’ve seen in crypto.\

Three Arrows Capital did not respond to Decrypt’s request for comment.

Your email address will not be published. Required fields are marked *