May 26, 2020 18:30 UTC
May 26, 2020 at 18:30 UTC
Grayscale Investments Has Been Buying 33% of Newly Minted Bitcoin Every Week
Digital currency asset manager, Grayscale Investments, has reportedly been purchasing $29.9 million worth of bitcoin, as data shows it is buying around 33% of all the newly minted bitcoin per week.
As indicated by Reddit user, parakitej, in the 100 days preceding May 17, Grayscale’s Bitcoin Investment Trust (GNTC) included more than 60,000 BTC (over $500 million) to its holdings, as they rose from 283,192 BTC to an aggregate of 343,954 BTC.
The redditor noticed that 60,000 BTC over the most recent 100 days rises to around 33% of all recently minted Bitcoin, which means demand from institutional investors has continued growing this year.
“For good measure, 60k bitcoins in last 100 days is about 33-34% of all newly minted bitcoins in that period, give or take. And Grayscale is just one of the many ETF’s that people who don’t want to fiddle with private keys etc, can use to acquire bitcoin, albeit the largest one.”
Twitter analyst Kevin Rooke included that Grayscales Bitcoin Trust saw a normal weekly investment of $29.9 million in the Q1 of last year.
Grayscale runs a few digital currency venture products concentrated on institutional investors. It has over $3.6 billion worth of digital currency under management, and its finances cover top digital currencies like BTC, Ether, BCH, ZCash, XRP, and more.
The assets permit investors to gain exposure to top digital currencies without really having to manage private keys, and rather pay an administration charge. As per the reports, Grayscale saw a record $500 million inflows in the Q1 of the year, about multiplying its past record high of $354.8 million in Q3 2019.
Its most well-known assets are GBTC and its Ether Trust (ETHE), which saw institutional investors buy the dunk in crypto markets prior this year. In comparison Grayscale, a unit of the New York-based Digital Currency Group, raised an aggregate of $600 million out of 2019.