Grayscale Investments Purchases $240M Worth of Bitcoin Again
Grayscale investments is an organization that manages cryptocurrency investment funds. Being a subsidiary of Digital Currency Group, the institute has been making many news headlines about its purchases of Bitcoin recently.
The company’s largest trust, Grayscale Bitcoin Trust (GBTC), created in 2013, now manages more than $8.2 billion in assets. The company bought another 15,114 Bitcoin value closer to $241 million and, this will bring the total number of Bitcoin they own to 506,000 which, accounts for approximately $8.1 billion.
The Managing Director of Grayscale Investment tweeted this week saying, “Largest Capital Raise Week Ever,” and the firm managed to raise $262 million.
He also mentioned that the Grayscale team raked in over $115 million in Bitcoin alone.
Institutional Interest for Bitcoin
Grayscale Investments being one of the pioneer investors in the Cryptocurrency trusts investments, invest in various trusts. They use their investor’s contributions to pool in and invest in crypto and other assets. Out of all their portfolios, their Bitcoin trust is the largest and, it has higher fees too. Many investors who would like to trade cryptocurrencies on the stock market invest in their trusts to get exposure to the world of crypto.
The below is a list of other major institutions or persons that hold a larger number of top cryptocurrencies apart from Grayscale Investments: CoinShares (Fund) – 66,605 BTC; MicroStrategy (Public Company) – 38,250 BTC; Tim Draper (Person) – 29,656 BTC; Tezos Foundation (Private Company) – 24,518 BTC; Michael Saylor (Person) – 17,732 BTC; Galaxy Digital (Public Company) – 16,402 BTC; 3IQ – The Bitcoin Fund (Fund) – 10,630.4 BTC; Stone Bridge Holdings (Private Company) – 10,000 BTC; ETC Group Bitcoin ETP (Fund) – 7,021.4 BTC.
The institutional interest in Bitcoin has increased significantly within a short period. Many organizations have started their investments in Bitcoin and cryptocurrencies already. Grayscale Investment is the largest institutional buyer for Bitcoin. Its total Bitcoin investment accounts for 2.29% of the total market cap of Bitcoin. The company’s cryptocurrency portfolio now accounts for closer to $10 billion in total. Grayscale Bitcoin Trust holds a total of 481,711 BTC which is equivalent to 62% of the 814,359 BTC under the management of publicly-traded organizations.
What are your thoughts on Grayscale’s recent purchase of Bitcoin? Leave a comment on the comments section below.
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