Grayscale Adds 17,100 Bitcoin to its Reserves in a week

With acquisitions of new funds, Grayscale Bitcoin trust is now worth $4.7 billion. It has 2.14% of the entire 21 million BTC supply.

By · Sep 28, 2020 . 6min read

Grayscale Adds 17,100 Bitcoin latest news
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Digital asset management firm Grayscale Bitcoin Trust has increased its reserves by 17,100 Bitcoin (BTC), in a week, according to its website and crypto analytics platform That’s an extension of $186.5 million. According to the reports, Grayscale acquires 17,100 bitcoin in a week. Thus, the Grayscale Bitcoin Trust, which was developed in 2013, now amounts to approximately 450,000 BTC—or $4.7 billion. This corresponds to 2.5% of the amount of Bitcoin in circulation.

The development in Grayscale’s reserves comes amid a pullback in the price of Bitcoin. While the Bitcoin fund composes the lion’s share of Grayscale’s funds, it presently has approximately $5.8 billion assets under its control in total, according to its latest report.

Grayscale Constitutes 2.14% of the Total 21 Million BTC Supply.

The size of Grayscale’s Bitcoin reserve is continually evolving. This doesn’t fundamentally imply that the company is buying the Bitcoin directly. It can either buy Bitcoin on behalf of clients or issue shares in exchange for Bitcoin. In the latter case, it wouldn’t be absorbing up any of the accessible supply and wouldn’t be affecting its price. With 449,900 BTC held, GBTC has 2.14% of the entire 21 million BTC supply. As far as coins in circulation, BTC just passed the milestone of 18,500,000 in circulation. This means GBTC’s wallet represents 2.43% out of the BTC currently in circulation. 

 Earlier, Grayscale secured over $217 million worth of digital asset trust investments in a single week after launching a TV ad campaign. The campaign didn’t even mention about Bitcoin. In early September, the firm also issued a report for investors proposing that today’s market is evocative of early 2016, the period that heralded Bitcoin’s historic bull run. 

However, we earlier reported that Grayscale bought at least $690 million worth of BTC since April. An anonymous Reddit user put together historical purchases of Grayscale. It presents asset purchases of worth 78,354 BTC. The data collected by the Reddit user indicates the company’s BTC purchases spurred primarily since April. The former’s absorption of Bitcoin is essential in estimating the overall sentiment of the institutional market. 

Summing it up, several BTC proponents also consider that companies like Microstrategy and Grayscale seizing up vast amounts of BTC are bullish for investors. 

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