Largest crypto fund manager bought a lot
Grayscale is the point of contact for institutional clients who are very interested in crypto investments, but who do not want to take care of the purchase and storage of cryptos themselves. New data shows that Grayscale has made solid gains in the past few weeks, which may be due to increased interest.
Grayscale Investments is the company of institutional investors who wish to invest in cryptography. As one researcher discovered, Grayscale has purchased up to 33% of all newly mined Bitcoin in the past three months. It seems that the asset manager wants to get their supplies.
A researcher wrote on Reddit that the company operated between February 7 and May 17. 2020 added 60,762 BTC to its Bitcoin Trust Fund. This corresponds to an amount of 607 BTC that Grayscale acquired daily during this 100 day period. Grayscale used bitcoin fever in half and aggressively started acquisitions in April.
About 34% of this bitcoin was purchased in just 17 days, while the price of bitcoin reached $ 10,000. On May 17, the Bitcoin Trust Fund managed a total of 343,954 BTC, an increase of 21%. The previous level was 283,192 BTC, which had occurred 100 days earlier.
The value of the portfolio increased from $ 2.77 billion to $ 3.37 billion.
The Redditor wrote:
“60,000 bitcoins in the last 100 days represent around 33 to 34% of all bitcoin newly mined during this period, to give or take. And Grayscale is just one of the many ETFs that people who don’t want to play with private keys, etc. can use to buy Bitcoin, although the larger one. “
Grayscale offers a total of ten cryptocurrency investment products for institutional investors. A total of more than $ 3.7 billion in digital assets are currently managed. Assets include Ethereum, Bitcoin Cash, Zcash, XRP and others.
The company allows institutional investments in assets such as BTC or ETH
Invest without actually owning the pieces. This means that each Grayscale fund must contain large amounts of certain coins in its portfolio.
In addition to Bitcoin, Grayscale already owns 1.1% of all Ethereum in circulation. The largest purchase took place at the end of April this year, when the company purchased 50% of all extracted ETH.