Investment Giant Grayscale Bought $ 300 Million Bitcoin
Investment giant Grayscale raised the value of total assets under management to $ 16 billion, with the purchase of $ 300 million worth of Bitcoin (BTC).
The leading cryptocurrency has again become the focus of investors’ attention as it broke the ATH records last week. BTC purchases have started to accelerate in the past two weeks. Bitcoin broke the levels it had never reached in just a few days and settled above $ 24000 for a while. The tremendous interest of institutional investors in the last few months continued during this period of Bitcoin bull. Lately, in just one day, 12,319 BTC was added to the Grayscale Bitcoin Trust.
Grayscale announced a while ago that it stopped the inflow of new funds to cryptocurrency products, including Bitcoin Trust. However, it seems that Grayscale continues to buy Bitcoins despite stopping the fund inflow. In a tweet yesterday, the company announced that it purchased another 12,000 Bitcoins. This figure corresponds to approximately $ 281 million. Based on the data in the tweet, the largest share belongs to Bitcoin (BTC). Grayscale Bitcoin Trust has a $ 14.1 billion worth of leading cryptocurrency in existence. Approximately $ 2.5 billion was invested in the company’s products this year. That means that existing customers are buying more cryptocurrencies. As for the firm’s Ethereum Trust, it seems that there are $ 1.81 billion at AUM for now.
12/23/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) December 23, 2020
Grayscale Strengthens Its Position As The Largest Buyer
At the time of writing, BTC is trading at $ 23,318, down 0.79% in the last 24 hours, according to CoinMarketCap data. If we look at the dominance of the cryptocurrency market, Bitcoin’s dominance is almost 70%. With this acquisition, Grayscale continues to strengthen its position as the “biggest Bitcoin (BTC) buyer.” If we anticipate with the current level of $ 23,318 in Bitcoin, the amount purchased yesterday corresponds to $ 287 million.
Many analysts state that investors, especially institutional firms, are attracting their BTC to cold wallets, and that is a positive signal for the future. Institutional companies continue to buy BTC despite the price rise. Many observers believe this trend will continue for years to come.
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