- Grayscale Investment bought 19,879 bitcoins last week
- Grayscale has bought an average of 1,190 BTC daily since May 11
- The Investment firm will own 3.4% BTC if it continues at this rate
Bitcoin News Today – Just last week, Grayscale Investment increased its Bitcoin Trust by adding 19,879 BTC. With such an amount, the investment firm is buying Bitcoin faster than it can be mined. Since the halving of BTC mining reward in May this year, Grayscale Investment has bought Bitcoin worth almost $500 million. The number of tokens the firm bought this week is about three times faster than miners could produce blocks.
Grayscale Increases Its Bitcoin Holding to about 400,000 BTC
According to a recent tweet by Kevin Rooke – a digital currency analyst – Grayscale Investment purchased 19,879 BTC, worth about $184 million, for its Bitcoin Trust. This new addition now brings the total number of Bitcoin in the firm’s portfolio to about 400,000.
Grayscale added 19,879 BTC to their Bitcoin Trust since last week (53,588 BTC since the halving).
Bitcoin miners only produced 7,081 BTC since last week (39,544 BTC since halving).
— Kevin Rooke (@kerooke) June 25, 2020
Bitcoin (BTC) Price Today – BTC / USD
The digital currency analyst said that not only is the firm purchasing enormous amounts of the digital currency, but also now buying the coin at a rate of almost 280 percent of the new mined BTC. A Twitter user – Hodlonaut – also said:
“Grayscale *alone* has taken all BTC mined + 14,000 more BTC off the table since the halving.”
If Grayscale Keeps Buying at This Rate, It Would Own 3.4% of Bitcoin by January 2021
There is currently 18.415 million Bitcoin in circulation, and the rest are nowhere to be found. Since Bitcoin’s halving that took place on May 11, the investment firm has purchased a total of 53,588 BTC, and this results in an average of 1,190 BTC per day.
If the investment company continues buying at this daily rate, it would own 3.4 percent of the total BTC supply by January next year. If it continues in the same trend, it would own 10 percent of Bitcoin by the next Bitcoin halving, which is set to take place in 2024.
In May, Barry Silbert – the founder of Grayscale – said that the fund would be increasing its purchases in the second quarter of the year, and it turns out he is a man of his word. As of June 25, the company said that it had assets under management worth $4.1 billion, which means the value of the firm has increased from $2.1 billion in May 2019.
Grayscale’s Ethereum Holding Is Also on the Rise
The Ethereum Fund (ETHE) of Grayscale is holding about $396 million of Ethereum. According to a recent report by Cointelegraph, the investment firm had bought Ethereum worth $110 million this year alone, as of June 5. Nevertheless, the ETHE shares increased by more than 800 percent in early June with trades testing $250. They plunged by 50 percent just a few days later before settling close to $100.