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Grayscale BTC Trust Buys BTC Worth $690 Million in the Past 100 Days

  • Grayscale invested almost $690 million in bitcoin.
  • Months back a tweet by a crypto analyst, Kevin Rooke revealed that the management company had bought 19,879 BTC for their Bitcoin Trust in the last week of June.
  • The new addition bought BTC worth $4.6 billion under its management.

    Data from Grayscale suggests that the company has invested almost $690 million in bitcoin. Grayscale Investments is one of the largest cryptocurrency assets management companies. The Grayscale data obtained from a Reddit user lists all the investments in BTC that were made by the company since December 2017. Grayscale’s heavy investments in BTC can be explained by the increasing interest of institutional investors. Typically, the US institutional as well as retail investors largely depend on Grayscale’s BTC trusts to gain exposure to its trading. A reason for this is because it averts any possible security risks that come from self custody and provide a secure environment for investing.

    Months back a tweet by a crypto analyst, Kevin Rooke revealed that the management company had bought 19,879 BTC for their Bitcoin Trust in the last week of June. The total BTC under Grayscale’s management stood at 400,000 back then. 

    Grayscale Bought 9702 BTC in the First Week of August

    In the first week of August, Grayscale Investments purchased almost 9,702 bitcoins worth $110 million. The new addition bought BTC worth $4.6 billion under its management. It also reported to the SEC that it had experienced growth of over  $1.6 billion this year. And the above table suggests that almost 78,354 BTC were added to its fund in the last 100 days. However, if we carefully examine the table we see a sudden spike in its BTC investments since the month of April. 

    Investments Spiked Since April

    The reddit user explained that investments suddenly increased soon after the Black Thursday when BTC’s value nosedived by almost 90% to $3600 levels. Since then the investors have been heavily buying BTC. On an average Grayscale purchased 800 BTC per day since then and holds 85% of the freshly minted bitcoin since halving. He further adds that like many other Exchange Traded Funds (ETFs) in the world, users do not have to fret over private keys and can be simply used to acquire BTC. 

    BTC’s Increasing Institutional Adoption 

    This implies that investors, especially the institutions have stepped up and are considering BTC a potential hedge to protect their funds from the inflation. BTC as an investment asset has also performed very well this year and has triggered its adoption worldwide. Currently trading at $11,712.28, this cryptocurrency has the potential to reach great heights and serve as a protective investment during these hard times of economic hardship triggered by a global pandemic.

    Disclaimer

    The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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    Ahtesham Anis
    Ahtesham Anis
    Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.