Grayscale Investments Adds 7,300 BTC to Bitcoin Holdings

Share Article
In Brief
  • Over the past seven days, Grayscale boosted its Bitcoin holdings by more than 7,300 BTC.

  • The company also grew its ETH, LTC and BCH holdings over the same period.

  • The whale-size purchase comes in the wake of a previous spree in September 2020 when Grayscale hoovered up more than 17,000 BTC at once.

  • promo

    Gravity Dex Protocol: Bringing DeFi to Cosmos

The Trust Project is an international consortium of news organizations building standards of transparency.

Over the past week, Grayscale Investments added more than 7,300 BTC worth over $140 million to its Bitcoin holdings that underpin its popular Bitcoin Trust.

Sponsored



Sponsored

It will be recalled that year to date, Grayscale has pursued an aggressive Bitcoin investment strategy, at one point even buying more BTC than had been mined since its last halving.

The new whale purchase brings the company’s total Bitcoin asset value to just under $10 billion.

Sponsored



Sponsored

Grayscale’s Acquisition Spree

Data from crypto futures trading and analysis platform Bybt shows that over the past seven days, Grayscale has significantly boosted not just its BTC portfolio, but also its Ethereum, Litecoin, and Bitcoin Cash holdings.

In that time, Grayscale added 7,351 BTC worth over $141 million at press time. It also purchased 63,817 ETH currently worth over $38 million, 5,939 LTC worth $498,876, and 1,204 BCH worth $358,515.

Of its top-five asset holdings, only Ethereum Classic (ETC) saw a reduction, shedding 7,055 tokens worth $45,716.

Grayscale Asset Additions (Source: Bybt.com)

As it stands, Bitcoin alone now commands more than 84 percent of Grayscale’s total portfolio with $9.7 billion worth of BTC under management out of a total asset portfolio of $11.46 billion.

Grayscale Goes Big on Bitcoin

On Nov. 9, BeInCrypto reported that Grayscale now manages over $9 billion worth of crypto assets, the majority of which is in Bitcoin. In just one week in September 2020, the company hoovered up 17,100 BTC, then worth $182 million.

Prior to this on May 29, BeInCrypto also reported that the firm grabbed a total of 18,910 BTC in just two weeks, which at the time was worth just over $179 million.

Its Bitcoin Trust has proved to be a smash hit with investors, first doubling its USD value in August 2020, before reporting record asset growth in excess of $1 billion at the end of Q3.

Speaking to CNBC on Nov. 30, Grayscale Managing Director Michael Sonnenshein stated that after taking a look at the inflows coming into Grayscale’s investment products and the makeup of the investors the demand is coming from, he believes that the company is “just getting started.”

A cursory look at the firm’s Bitcoin purchases over the past year shows that its biggest purchases have come at low price levels relative to current prices. This is an indication that Grayscale likely does not plan to slow down on its all-action Bitcoin investment push anytime soon.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

David is a journalist, writer and broadcaster whose work has appeared on CNN, The Africa Report, The New Yorker Magazine and The Washington Post. His work as a satirist on 'The Other News,' Nigeria's answer to The Daily Show has featured in the New Yorker Magazine and in the Netflix documentary 'Larry Charles' Dangerous World of Comedy.' In 2018, he was nominated by the US State Department for the 2019 Edward Murrow program for journalists under the International Visitors Leadership Program (IVLP). He tweets at @DavidHundeyin

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go