The US-based cryptocurrency manager Grayscale is aggressively acquiring Bitcoin. Based on the report, the firm has added almost 40,000 BTC, worth $1.36 billion, in just the past couple of weeks.
A recent analysis of Rafael Schultze-Kraft, Glassnode CTO, highlights that Grayscale Bitcoin accumulation is faster than the newly mined BTC. Since the start of 2021, miners have mined only 26,000 BTC, which means Grayscale has been purchasing roughly 170% more assets than was mined into existence.
Grayscale presents investors with a cost-effective means of getting crypto exposure without actually acquiring assets. According to some crypto experts, the Grayscale Bitcoin trust has amassed several funds; if it maintains such buying momentum, Grayscale will have 912,500 BTC by the end of 2021.
Grayscale Plans to Extend its Number of Trusts
The giant crypto manager may be planning to increase the number of Trusts, as per recent market reports. On January 27, Delaware Trust Company, Grayscale statutory trustee, filed six new trusts, including Polkadot, Aave, Monero, Cardano, Cosmos, and EOSIO.
While commenting on the filing news, Grayscale CEO Michael Sonnenshein said at the time, “Grayscale is always looking for opportunities to offer products that meet investor demands. Occasionally, we will make reservation filings, though a filing does not mean we will bring a product to market. Grayscale has and will continue to announce when new products are made available to investors.”
Grayscale’s total Assets Under Management (AUM) has jumped abruptly to a new all-time high. The firm now claims a total of $24 billion worth of cryptos under management that covers BTC, ETH, and numerous cryptocurrencies, soared more than ten times since the start of 2020.