During the last seven days, Grayscale Investments purchased 17,100Â BTCÂ or $182 million worth of bitcoin using todayâ€™s exchange rates. The companyâ€™s bitcoin position is now close to 450,000Â BTCÂ worth roughly $4.7 billion.
TheÂ Grayscale Bitcoin Trust (GBTC)Â is a very popular investment vehicle and in 2020 the trust has obtained a massive amount ofÂ BTC. Today, GBTC has $4.7 billion of assets under management (AUM), according toÂ dataÂ provided by bybt.com. Grayscaleâ€™sÂ bitcoin positionÂ is also displayed on the company website as well for transparency purposes.
Since the Grayscale Bitcoin Trust inception date on September 25, 2013, there are 471,022,700 shares outstanding and each share is worth 0.00095519Â BTCÂ per share. This week, digital currency proponents noticed that Grayscale scooped up around 17,100Â BTCÂ or $182 million using todayâ€™s exchange rates.
Bybt.comâ€™s data shows the trustÂ obtained the bitcoin stashÂ during the last seven days and GBTCâ€™s aggregate bitcoin position is now 449,900Â BTC.
Bitcoin (BTC)Â markets have done well in recent days and dominance is nearing 60% again. The cryptocurrencyâ€™s percentage change versus USD during the last year is up 29% and during the last 90-days,Â BTCÂ has gained over 16%.
With 449,900Â BTCÂ held, Grayscaleâ€™s Bitcoin Trust has 2.14% of the entire 21 millionÂ BTCÂ supply. As far as coins in circulation,Â BTCÂ justÂ passedÂ the milestone of 18,500,000 in circulation. This means GBTCâ€™s purse represents 2.43% out of theÂ BTCÂ currently in circulation.
No one knows exactly how Grayscale acquired the 17,100Â BTC, butÂ Microstrategyâ€™sÂ CEO Michael SaylorÂ explainedÂ the efforts his company took to purchase the 16kÂ BTCÂ Microstrategy recently purchased.
â€œTo acquire 16,796Â BTC, we traded continuously 74 hours, executing 88,617 trades ~0.19Â BTCÂ each [three] seconds,â€ Saylor said. â€œ~$39,414 inÂ BTCÂ per minute, but at all times we were ready to purchase $30-50 million in a few seconds if we got lucky with a 1-2% downward spike,â€ Saylor added.
A number ofÂ BTCÂ proponents also believe that companies like Microstrategy and Grayscaleâ€™s Bitcoin Trust snatching up vast amounts ofÂ BTCÂ is bullish for investors. CEO of UK bitcoin exchange Coincorner, Danny Scott, tweeted on Sunday thatÂ BTCâ€™s â€œfoundations are getting stronger by the day.â€
â€œ62 days of Bitcoin ending above $10,000,â€ ScottÂ tweeted. â€œPrevious was 61 from 1st Dec 2017.â€