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The report also quotes one of the two unnamed sources suggesting that Millennium, which has $48 billion worth of assets under management (AUM), could have been drawn to the crypto asset by the lingering discount on GBTC shares.

The fact that Millennium having skin in the GBTC game, to begin with, is likely another bullish indicator for bitcoin as an asset class.

In the meantime, the same report suggests that Millenium might just be “the largest asset manager yet to emerge in the crowded GBTC trade, likely a bullish indicator for bitcoin itself.” Yet despite this bullish signal, Grayscale recently revealed its plan to eventually convert “the trust into a bitcoin exchange-traded fund (ETF).” An ETF enables the direct holding of BTC and this provides more favorable liquidity terms than a trust structure.

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