First Midwest Bank Increases Bitcoin Holding Through Grayscale Investment

According to a recent SEC filing, a division of First Midwest Bank in Chicago has increased its exposure to the leading digital asset. Per the filing, the bank now holds 29,498 shares of Grayscale Bitcoin Trust as of June 30. This translates to roughly 27 units of BTC.

As of March this year, the bank held 7,693 GBTC shares. Later on, the crypto market experienced a huge slump around that saw the value of the asset drop from its high of over $60,000 to as low as $29,000. It was during this period that the First Midwest Bank increased its exposure to the flagship coin.

Grayscale Bitcoin Trust is a crypto investment vehicle that allows investors to be exposed to the asset in a safe manner. The product is offered by Grayscale Investments who holds the highest number of Bitcoin in the world on behalf of its retinue of investors.

Notably, First Midwest is not the only bank investing in the crypto space through GBTC, other financial institutions like Morgan Stanley also used the platform to gain exposure to the volatile digital asset space.

As of press time, each share of the company holds approximately 0.00094 BTC which roughly translates to around $30. However, the shares of the company are currently trading for $27 — a premium discount being granted by the institution.

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