Gabi deploys assets into bitcoins

Source: Global Advisors Bitcoin Investment Fund (GABI)

Global Advisors Bitcoin Investment Fund (GABI) completed its initial offer period in early September.

We are pleased to announce that following this successful launch; we have 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. We timed our entry to the bitcoin market accordingly. We believe the resulting entry point represents an opportune moment to initiate our first round of capital deployment.
 
Daniel Masters, Director of GABI and co-founder of GAJL commented:
 
“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, commented:
 
“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.”
 
Jean-Marie Mognetti, Director and partner at GAJL added:
 
“In addition to digitalBTC, GAJL also established relationships, based on trust and transparency with a limited number of exchanges.  These exchanges - Bitfinex (Hong Kong) - Coinsetter (New York, USA) - have been approved by GABI's compliance department following an extensive due diligence process to make sure they fall within the operational limits imposed by our local regulator.&rdquy our local regulator.”
 
GABI will now be open for additional subscriptions on a monthly cycle and we look forward to building our liquidity profile with top class providers and growing our bitcoin portfolio.

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