Six large insurers acquired shares of cryptocurrency investment products offered by Grayscale Investments, according to an S&P Global Market Intelligence report.
The insurers didn’t directly purchase bitcoin or another cryptocurrency, but the investment products derive their value from shares of Grayscale Bitcoin Trust or Grayscale Ethereum Trust. Grayscale is a unit of Digital Currency Group, CoinDesk’s parent company.
Investors can buy shares in a private placement transaction and then sell them on the secondary market following a holding period. Retail and institutional investors can then buy shares on the over-the-counter market. The trusts use published CoinDesk indexes to track