As per a post made on November 16, Grayscale now owns $8.35 billion worth Bitcoin, representing 2.69% of Bitcoin’s (BTC) outstanding supply.
Chainalysis, which provides crypto related data, has assessed that roughly 3.70 million Bitcoin have vanished or cannot be retrieved, implying that Grayscale’s holding represents 3.37% of Bitcoin’s leftover prevalent supply.
Each unit representing Bitcoin Trust is worth $15.62, while being traded at $18.86, reflecting a premium of 19% or $3.24. Yet, institutional investors are ready to purchase it through Grayscale, a regulated institution. Grayscale also slaps a yearly fee of 2%.
Grayscale Bitcoin Trust now holds more than 500,000 $BTC. Yes, you read that right. Learn more about the world’s largest #Bitcoin investment product. #GoGrayscale https://t.co/2sEpUdw8iN pic.twitter.com/9h8nGZ8i4t
— Grayscale (@Grayscale) November 16, 2020
The Grayscale Bitcoin Trust has vigorously bought Bitcoin this year, with the quantum of BTC possessed by the fund rising roughly 50% in the last six months. That’s a stupendous growth for a fund that was established just seven years back and reflects increasing interest of institutions.
A week before, the fund announced its largest intake of 15,907 Bitcoins worth about $215 million. Grayscale’s another fund, Ethereum Trust, also stepped up its buying this year and now possesses about $1.175 billion worth Ether (ETH) or 2.24% of the crypto’s aggregate market cap.
Grayscale’s eight more cryptocurrency funds presently administer roughly $400 million worth assets, taking the aggregate value of digital assets administered by the company to $9.90 billion.