Market indicators and data records from industry insiders reflect that institutional investor interest in bitcoin has surged since it rallied to 2020 highs. Grayscale, a cryptocurrency management company, drives the market in terms of BTC acquisitions. The Grayscale Bitcoin Trust continues to obtain 15,144 BTC, worth around $241 million at the time of reporting.
The recent week’s purchase pushed the total number of Bitcoin the firm owns to over the 500,000 mark. Based on the data, 2.29% of Bitcoin’s entire market cap is held by Grayscale. Managing Director of Grayscale Michael Sonnehnshein said that the November 12 purchase “raked in over $115 million in Bitcoin alone.”
Grayscale presents investors with a cost-effective means of getting crypto exposure without actually acquiring the asset. This strategy withdraws the challenges of buying, storing, and safekeeping digital assets directly.
Grayscale Bitcoin Trust is the Biggest BTC Holder
The crypto-focused investment company Grayscale has achieved a new all-time high to its AUM. The firm now claims a total of $10 billion worth of cryptos under management that covers Bitcoin, Ethereum, and numerous cryptocurrencies.
Grayscale Bitcoin Trust is the firm’s most prominent trust, founded in 2013. It is also the first digital currency investment vehicle to attain the status of a reporting company by the SEC.
While the Grayscale Trust continues to gather an enormous amount of crypto, Bitcointreasuries.org report reveals that Grayscale’s Bitcoin trust has amassed 62% of the total Bitcoin held by publicly traded companies. The Grayscale Bitcoin Trust holds almost 481,711 Bitcoin.