Global Advisors Bitcoin Investment Fund (GABI) completed its initial offer period in early September, and has now taken the first step to deploy the fund’s assets into bitcoins.
Recent price weakness has been observed and attributed to a series of factors. The withdrawal of UK banking services on the Isle of Man, issues with the NYDFS Bit-license, Russian Treasury comments and weakness in gold markets are elements which contributed to recent price weakness.
Global Advisors says it timed its entry to the bitcoin market accordingly and believes the resulting entry point represents an opportune moment to initiate this first round of capital deployment.
Daniel Masters, director of GABI and co-founder of GAJL, says: “We are delighted to have executed our initial over-the-counter bitcoin purchase with digitalBTC and we look forward to expanding our relationship as GABI’s assets grow. digitalBTC offers GABI valuable liquidity and price discovery while being a strong counterparty."
Bill Brindise, chief investment officer of digitalBTC, says: “Our digitalX Direct platform is specifically designed to provide real time liquidity for institutional investors and large commercial operators who purchase bitcoins. As a publicly listed company, subject to strict reporting and disclosure requirements, we are also very pleased to be dealing with GABI, given their licensing regime and look forward to being able to provide similar liquidity in future.”
GABI will now be open for additional subscriptions on a monthly cycle.