Grayscale’s Bitcoin Trust now holds more than 500,000 Bitcoin, surpassing $8.3 billion in value.
Cryptocurrency fund manager Grayscale Investments now holds more than 500,000 BTC in its Bitcoin Trust.
According to a Nov. 16 post, Grayscale now holds to $8.35 billion worth of Bitcoin— equating to 2.69% of Bitcoin’s (BTC) outstanding supply and market cap.
But with Chainalysis estimating that around 3.7 million BTC have been lost, Grayscale may actually now be in possession of 3.37% of Bitcoin’s remaining circulating supply
Appealing to institutional investors who are prepared to pay a premium to buy and hold cryptocurrency through the security of a regulated fund, shares in the Grayscale Bitcoin Trust currently represent $15.62 worth of Bitcoin each, yet change hands for $18.86. This equates to nearly a 19% premium. Grayscale also charges an annual fee of 2%.
Grayscale Bitcoin Trust now holds more than 500,000 $BTC. Yes, you read that right. Learn more about the world's largest #Bitcoin investment product. #GoGrayscale https://t.co/2sEpUdw8iN pic.twitter.com/9h8nGZ8i4t
— Grayscale (@Grayscale) November 16, 2020
The Grayscale Bitcoin Trust has aggressively accumulated Bitcoin during 2020, with the amount of BTC held by the fund increasing almost 50% in the past six months. That’s a steep rise in 2020 for a fund that launched seven years ago and suggests snowballing institutional interest.
Last week, the fund reported its largest-ever weekly in-flow, taking in 15,907 BTC worth $215 million.
Grayscale’s Ethereum Trust also ramped up its purchases during 2020, and now holds roughly $1.175 billion worth of Ether, or 2.24% of ETH’s entire capitalization.
Grayscale’s eight other crypto funds currently manage nearly $400 million worth of assets, bringing the total value of digital assets managed by the firm to $9.9 million.
Source: , CoinTelegraph
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