Grayscale Investments have purchased 17,100 BTC ($182 million) worth of Bitcoin during the last seven days, as the company’s Bitcoin position is now close to 450,000 BTC worth around $4.7 billion.
However, Grayscale’s Bitcoin position is also displayed on the company website as well for transparency purposes.
The report said that the GBTC is a very popular investment vehicle and in 2020 the trust has obtained a massive amount of BTC.
Grayscale Investments Scooped Up Over 17,000 BTC in the Last Seven Days https://t.co/iONJrsQQmw pic.twitter.com/NbsvgWCr99 — Bitcoin News (@BTCTN) September 28, 2020
Since the GBTC inception date on September 25, 2013, there are 471,022,700 shares outstanding and each share is worth 0.00095519 BTC per share.
Grayscale bought 17.1k BTC in the last 7 days.#Bitcoin pic.twitter.com/9GS9tOQxZu — Bybt (@bybt_com) September 27, 2020
It has been analyzed that Bitcoin (BTC) markets have done well in recent days and dominance is nearing 60% again. The cryptocurrency’s percentage change versus USD during the last year is up 29% and during the last 90-days, BTC has gained over 16%.
Grayscale’s Bitcoin Trust has 2.14% of the entire 21 million BTC supply with 449,900 BTC held. As far as coins in circulation, BTC just passed the milestone of 18,500,000 in circulation, which means GBTC’s purse represents 2.43% out of the BTC currently in circulation.
The Bitcoin network has passed 18,500,000 BTC in circulation. Less than 2,500,000 left and half of those will be mined in the next 4 years. #bitcoin pic.twitter.com/0yPo57XIaR — ChartsBTC (@ChartsBtc) September 27, 2020
According to the report, no one knows exactly how Grayscale acquired the 17,100 BTC, but Michael Saylor, the CEO of Microstrategy, explained the efforts his company took to purchase the 16k BTC Microstrategy recently purchased.
“To acquire 16,796 BTC, we traded continuously 74 hours, executing 88,617 trades ~0.19 BTC each [three] seconds. ~$39,414 in BTC per minute, but at all times we were ready to purchase $30-50 million in a few seconds if we got lucky with a 1-2% downward spike.”
Likewise, a number of BTC proponents also believe that companies like Microstrategy and Grayscale’s Bitcoin Trust snatching up vast amounts of BTC is bullish for investors.
Danny Scott, the CEO of UK Bitcoin exchange Coincorner, tweeted on Sunday that BTC’s “foundations are getting stronger by the day.”
Thus, Scott tweeted:
“62 days of Bitcoin ending above $10,000. Previous was 61 from 1st Dec 2017.”
Source: Bitcoin News