Top digital asset manager Grayscale Investments has set the record for the single largest Bitcoin purchase made in a day after the firm added 16,244 BTC yesterday.
The Grayscale Bitcoin Trust (GBTC) just got a whole lot bigger after the firm bought the recent dip to stack more Bitcoin at a discounted price.
According to data from Bybt, 16,244 BTC worth $590M was purchased by Grayscale Investments yesterday. This purchase represents 18 times the number of bitcoins being mined on a daily basis.
Grayscale Aggressively Buying Up Bitcoin Supply
BeInCrypto previously reported that Grayscale added more than 4,700 BTC to its Bitcoin Trust on Jan. 12 and 14. The firm’s total Assets Under Management (AUM) now clocks in at just over $27 billion.
Although its largest investment is in Bitcoin, it has made considerable investments in Ethereum, Litecoin, and other altcoins.
Grayscale’s Ethereum Trust now has about $3.62 billion in its AUM, while the Litecoin Trust is worth $174.72 million.
Its other investments include Bitcoin Cash ($123.99 M), Ethereum Classic ($93.27M), Zcash ($22.16M), Zen ($15.79M), and Stellar Lumens ($8.28M).
The $19.2 million XRP Trust was removed from its crypto fund on Dec. 31 due to the Securities and Exchange Commission (SEC) lawsuit against Ripple Labs and a handful of its executives.
The Key to $40,000
According to JPMorgan, Grayscale Investments could hold the key to drive Bitcoin back over the $40,000 level.
For the price to break back over $40,000, the Trust’s flow needs to be maintained at the current pace of $100 million per day for the next few weeks.
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