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:
(Source: ~~~ embed:1338785878173335554/photo/1) twitter metadata:Y3J5cHRvdW5mb2xkZWR8fGh0dHBzOi8vdHdpdHRlci5jb20vY3J5cHRvdW5mb2xkZWQvc3RhdHVzLzEzMzg3ODU4NzgxNzMzMzU1NTQvcGhvdG8vMSl8 ~~~
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:
(Source: ~~~ embed:1338607001723670529/photo/1) twitter metadata:R3JheXNjYWxlfHxodHRwczovL3R3aXR0ZXIuY29tL0dyYXlzY2FsZS9zdGF0dXMvMTMzODYwNzAwMTcyMzY3MDUyOS9waG90by8xKXw= ~~~
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
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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!
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.
Well, look at the chart above. They are inching their way up to 575k...
Holy cow. This is crazy. I'm holding all mine.... they can pry it from my cold dead hands!!!
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Haha, you and me both.
For the rotchilds, this is pocket change
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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.
As it is, Litecoin and Cardano have both gone up even more than Bitcoin today so I am enjoying this!
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More info why you see this here.
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Cool, sounds like an interesting idea! Thanks for stopping by. :)
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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Ha, sure would be nice!
seems kind of crazy. I would never buy their GBTC but I can see the appeal for "normies".
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Oh, Gosh!
Those guys are playing hard in this game.
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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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Pretty good deal
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maybe its become Big platform to trading
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Hi, great article shows that you analyzed it in depth!
I'm new at the community and I make technical analysis over crypto and currencies!
I'd love if you could swing by my blog and let me know what do think about my posts!
https://leofinance.io/@theatdhe/what-is-happening-with-ripple-xrp
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