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:
)https://twitter.com/cryptounfolded/status/1338785878173335554/photo/1
- cryptounfolded
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:
)https://twitter.com/Grayscale/status/1338607001723670529/photo/1
- Grayscale
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