Grayscale Buys 33% of All Bitcoin Mined in Last Three Months

Grayscale Buys 33% of All Bitcoin Mined in Last Three Months

Grayscale Investments bought up to 33% of all newly minted bitcoin over the last three months, as the asset manager continues to stockpile major cryptocurrencies.

The investment fund added 60,762 BTC to its Bitcoin Trust Fund between February 7 and May 17, a researcher posted on Reddit. That’s the equivalent of 607 BTC acquired by Grayscale each day during the 100-day period. Grayscale became aggressive in its acquisitions after April, as Bitcoin’s third halving hype reached fever-pitch.

About 34% of BTC added during the three months were bought in just 17 days amid a checkered spike in the price of BTC, targeting $10,000. As of May 17, the Grayscale Bitcoin Trust Fund had a total of 343,954 BTC under management, up 21% from 283,192 BTC held 100 days earlier.

In value terms, the portfolio has soared to $3.37 billion from $2.77 billion, at prevailing market prices.

The Redditor commented:For good measure, 60k bitcoins in last 100 days is about 33-34% of all newly minted bitcoins in that period, give or take. And Grayscale is just one of the many ETF’s that people who don’t want to fiddle with private keys etc, can use to acquire bitcoin, albeit the largest one.

Grayscale operates ten cryptocurrency investment products focused on institutional investors. It currently has more than $3.7 billion worth of digital assets under management. Funds cover ethereum, bitcoin cash (BCH), zcash, XRP, and more.

The digital asset manager allows institutional investors to gain exposure to assets such as BTC or ETH, but without actually owning any coins. This means each Grayscale fund has to hold large amounts of specific coins in its portfolio.

Grayscale’s aggressive crypto purchases have recently been spotlighted around ethereum. At the end of April, it had bought about 50% of all newly mined ETH since the beginning of this year. It now holds the equivalent of 1.1% of ETH in circulation.

What do you think about Grayscale’s purchase of major cryptocurrencies? Let us know in the comments section below.Covid-19 Economy Fuels Faith in Crypto: Trust In Bitcoin Over Banks Increased 3X Since 2017NEWS | 9 hours agoEconomists Predict Worst Recession Ever for India Amid Lockdown ExtensionNEWS | 17 hours agoTags in this storyBitcoin third halving, Bitcoin Trust Fund, Digital asset manager, ETF, grayscale, Grayscale Funds, Grayscale Trust, investment fund, Reddit

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