Grayscale Buys 34% of Newly Mined BTC as Weekly Investments Hit $30mln May 25, 2020 May 25, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsMay 25, 2020 by Kelly Cromley

Grayscale Buys 34% of Newly Mined BTC as Weekly Investments Hit $30mln

Cryptocurrency focused investment fund, Grayscale Investments, a subsidiary of Barry Silbert’s Digital Currency Group, is estimated to have bought nearly 1/3rd of all freshly mined Bitcoin (BTC) in the last three months against the backdrop of the build up to the block reward halving event.

Notably, the data has revealed that average weekly investments by Grayscale’s Bitcoin Investment Trust (BIT) hit $29.9 million during 1Q20.

Responding to a tweet revealing the data, Grayscale founder Barry Silbert wrote: “just wait until you see Q2.”

The average weekly investments by the trust have increased by more than 800%, compared with $3.20 million investment received in 1Q19. Notably, Redditor “parakite” published estimates reflecting that Grayscale has been increasing its holdings at a tremendous pace in the last three months by purchasing nearly1/3rd of all newly minted Bitcoin.

Overall, Grayscale’s Bitcoin Relief Fund bought 60,762 BTC in the past three months, equaling 607 Bitcoins per day for over 100 days.

At the end of last week, the fund is supposed to be holding 343,954 BTC, up 21% in the past three months.

Grayscale, on May 19, stated that the value of its assets under administration had touched $3.80 billion, an increase from $2.10 billion at the end of May 2019.

The data also revealed that the firm’s Ethereum Trust has emerged as Grayscale’s second-largest, valued at nearly $290 million.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.