Grayscale Investments, the famous digital assets management firm, continues to accumulate more and more Bitcoin (BTC) in order to provide institutional investors an opportunity to build exposure to the world’s largest digital currency by market value. Recently, it purchased a massive amount of BTC to increase its Bitcoin holdings. Reportedly, it bought an amount of $370 million worth of Bitcoin just a few days ago. According to the latest estimates, the crypto asset manager is now controlling around 3 percent of the total circulating supply of the leading digital currency.
Recently, the firm made its biggest daily purchase of Bitcoin (BTC). As per some reports, the company bought an additional amount of 16,244 BTC worth nearly $607 million on the 18th of January. With this massive acquisition, the company now holds around 3 percent of the entire circulating supply of the leading digital currency.
Cryptocurrency holdings of Grayscale are continuously growing day by day. Charles Edwards, the Founder of Capriole Investments, has claimed in a recent tweet that Grayscale is increasing its digital currency holdings by 10 percent per month. He predicted that the firm is going to increase the Bitcoin stash further in the year 2021 as well. And it will increase the stash of bitcoin by three times, he said.
Furthermore, he claimed that if Grayscale continues to buy more and more Bitcoin in the year 2021 at the current rate, it will be able to own around 10 percent of the entire circulating supply of Bitcoin within no time.
Meanwhile, institutional investors are continuously extending their exposure to Bitcoin through the platform of Grayscale. A new report reveals that an amount of $2.8 billion worth of Bitcoin was purchased by institutional investors through Grayscale during the fourth quarter of the last year. This clearly indicates the fact that the demand for the flagship cryptocurrency from institutional investors has constantly been growing up and it is still on the rise.
Some cryptocurrency analysts forecasted previously that the rise in the institutional interest for Bitcoin was the main factor that drove the recent bullish rally of Bitcoin, which sent the price value of the leading digital currency to a new all-time high value of $41,900.