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Grayscale’s Bitcoin (BTC) Trust is on track to reach 500,000 BTC by the end of 2020.
Last week, Grayscale saw a record inflow of $ 215 million (15,907 BTC) that exceeded all previous investments in the trust. The company now holds $ 6.7 billion (481.711 BTC) at the time of writing.
If the company were to continue last month’s 32,000 BTC growth rate, the grayscale is expected to maintain 500,000 BTC (2.7% of current supply) within three weeks. By the end of next year, if the rate is consistent, the grayscale could control 926,600 BTC, which is 5% of the total current supply of Bitcoin.
The trust, created in September 2013, has seen explosive growth this year, with its assets under management, or AUM, rising from $ 1.9 billion to $ 4.7 billion in the first nine months of 2020. Since Grayscale’s Q3 report, its Bitcoin Trust’s AUM grew by another $ 2 billion.
Nearly 70% of Grayscale’s total weekly inflows have been invested in its Bitcoin Trust over the past three quarters. Bitcoin Trust’s weekly inflows grew from a 12-month average of $ 39.5 million to over $ 55 million in the third quarter, 84% of which was attributed to institutional investors.
Last week, Grayscale released its second Bitcoin Investor Study, in which the company found that US investors interested in investing in BTC had gone from 36% in 2019 to 55% in 2020.
The grayscale contains far more Bitcoin than any other publicly traded company (although a fund is not directly comparable to a company that holds BTC as a reserve asset). As of October 13, the remaining 12 companies held together hold approximately 150,000 BTC, with notable holdings from Microstrategy (38,250 BTC), Mike Novogratz’s Galaxy Digital (16,551 BTC) and Jack Dorsey’s Square (4,709 BTC).
Not only @Square, in 2020 there are more than 10 public companies investing in $ BTC, with a total value of over $ 6 billion, equivalent to nearly 600,000 BTC.$ BTC #BTC pic.twitter.com/7zxX94Clwx
– Coin98 Analytics (@ Coin98Analytics) 13 October 2020
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