Grayscale adds another $270 million worth of BTC in the last 7 days!

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Grayscale continues to add Bitcoin at a torrid pace!

What was probably already clear to everyone following along, Grayscale is just going to keep on soaking up BTC.

Every week, they continue to hit new highs in terms of bitcoin held, and with the price hanging in there as well, their assets under management continues to hit new all time highs as well

In the last 7 days alone, Grayscale added over $170 million worth of BTC.

For those curious about the exact numbers, they picked up 14,307 bitcoin in the last 7 days:

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(Source: https://twitter.com/cryptounfolded/status/1338785878173335554/photo/1)

Grayscale has added around 200k bitcoin in the last 6 months alone.

That is a staggering amount that is showing now signs of slowing!

Grayscale seeing explosive growth across the board

Grayscale is now sitting on over $13 billion AUM (assets under management) for the first time ever.

With roughly $11 billion of that sitting in the bitcoin fund.

Check it out:

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(Source: https://twitter.com/Grayscale/status/1338607001723670529/photo/1)

While the number of bitcoin added each day/week doesn't necessarily represent new bitcoin purchased off the open market during this time period, it means that bitcoin was purchased at some point.

Grayscale has what is known as an in-kind exchange where investors have the opportunity of exchanging their bitcoin for shares in the GBTC trust.

This is extremely attractive to many investors out there since they don't have to worry about custody of their bitcoin any longer and the shares in that trust are trading at a 20%+ premium to the net asset value.

The only downside is that investors taking advantage of this exchange have to have their shares locked for 6 months.

So, investors could swap their bitcoin for GBTC shares, hold em for 6 months, and then get their bitcoin value back as well as possibly a 20% premium as well via the GBTC market place premium.

Pretty good deal if you ask me!

Either way, those bitcoin were bought at some point and many of them are being bought right now on the open markets, which is confirmed by exchange balances continuing to dwindle.

Stay informed my friends.

-Doc

Posted Using LeoFinance Beta

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30 comments
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Why doesnt Grayscale buy Hive?

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(Edited)

If they did Hive would be all over... We need to be set up to make that impossible, or eventually it will happen. Greyscale is rotchild money.

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We need more buyers then sellers.

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There are buyers and then there are controllers...

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HIVE may be all over if it doesn't attract some investors or users at some point either way...

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If I get a whiff of the stench of rotchild $ I will be out of here as fast as a three month power down allows - I don't knowingly associate with those creatures.

So I'm very keen to see third layer solutions that can prevent that.

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Bitcoin is in an entirely different league than every other crypto. In the eyes of instutions, there is bitcoin, and then way down the list there is ethereum, and then way behind that there is everything else.

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Yes you are right, but i am sure that will change in the futre.
There are some very great crypto projects out there like Hive for example.

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I'm still confused why they are funding the development of ETC that has suffered a few 51% attacks but don't look into other community-driven projects. I'm well aware that ETC has a lot of potential, if they get enough funding but still...

Let's hope they come to their senses sooner rather than later.

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Wow, that does seem like a pretty good deal. It is crazy how much they are acquiring. I'd be happy just to own one full BTC!

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Keep plugging away, it's probably only going to get more difficult!

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(Edited)

Hello, @jrcornel. How many Bitcoins have Grayscale in total? I read somewhere that they've got 550,000, but if they've been buying more lately, surely now they have more.

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Well, look at the chart above. They are inching their way up to 575k...

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For the rotchilds, this is pocket change

image.png

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This is mostly from hedge funds and institutions buying bitcoin and not wanting to custody it, so they have grayscale do it for them, swapping the btc for shares of GBTC.

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As it is, Litecoin and Cardano have both gone up even more than Bitcoin today so I am enjoying this!

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This is again great news, also that they have a good coverage in different funds (not speaking of XRP). The more BTC is out of the market, the better.

As a side note, I would like to see them having a Leo Trust :)

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seems kind of crazy. I would never buy their GBTC but I can see the appeal for "normies".

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That's a substantial holding! Won't be much left available to buy for anyone else at this rate with the amount of institutions getting involved!

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My goodness i cringe everytime i hear news like this. You know some people trying to find the actual utility in cryptocurrency and not just focus on mooning and possible unsustainable prices. So corporations and banks and governments owning all the bitcoin doesn't seem to sit well with me? How much do they own now.. Counting what we can see yet not being aware of what we can't see or who's behind those accounts.

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