Assets at cryptocurrency investing firm Grayscale have shot up to almost $38bn — for crypto enthusiasts, a sign of accelerating institutional interest in what has long been a speculative bet. But analysts say the build-up has been fuelled in part by a lucrative hedge fund trade that exploits a quirk in its flagship product.
US-based Grayscale’s trusts have become favoured tools for institutional investors betting on red-hot cryptocurrency markets without the costs,…
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