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Cryptocurrency fund manager Grayscale Investments now holds more than 500,000 BTC in its Bitcoin Trust.
According to a Nov. 16 to send, Grayscale now holds $ 8.35 billion worth of Bitcoin, accounting for 2.69% of Bitcoin’s outstanding supply (BTC) and market cap.
But with Chainalysis estimating that around 3.7 million BTC has been lost, the grayscale may currently hold 3.37% of Bitcoin’s remaining circulating supply.
Appealing to institutional investors who are willing to pay a premium to buy and hold cryptocurrency through the safety of a regulated fund, Grayscale Bitcoin Trust’s shares currently represent $ 15.62 worth of Bitcoin each, but are switching hands for $ 18.86. . This equates to almost a 19% premium. Grayscale also charges a 2% annual fee.
Grayscale Bitcoin Trust now holds more than 500,000 $ BTC. Yes, you read that correctly. Find out more about the largest in the world #Bitcoin investment product. #GoGrayscale https://t.co/2sEpUdw8iN pic.twitter.com/9h8nGZ8i4t
– Grayscale (@Grayscale) November 16, 2020
The Grayscale Bitcoin Trust accumulated Bitcoin aggressively during 2020, with the amount of BTC held by the fund increasing nearly 50% over the past six months. This is a strong increase in 2020 for a fund launched seven years ago and suggests snowballing institutional interest.
Last week, the fund reported its largest weekly inflow ever, with 15,907 BTC worth $ 215 million.
Grayscale’s Ethereum Trust also increased its purchases during 2020 and now holds about $ 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 in assets, bringing the total value of digital assets managed by the company to $ 9.9 million.
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