Grayscale Bitcoin Trust attracted the largest investment volume in a week and approached 500,000 BTC
If the current growth rates are maintained, the bitcoin trust of Grayscale Investments can collect 500,000 BTC by the end of the year. Last week GBTC received a record $ 215 million (15,907 BTC), which exceeds previous results in similar periods. The current trust volume is $ 6.7 billion (481,711 BTC).
The Grayscale Bitcoin Trust was established in September 2013 and has shown exponential growth over time. For the first three quarters of 2020, its size increased from $ 1.9 billion to $ 4.7 billion, and since the publication of reports for the third quarter – by another $ 2 billion..
Almost 70% of the funds received by Grayscale since the beginning of the year go to a Bitcoin trust. GBTC’s weekly investments in the third quarter exceeded $ 55 million, while the 12-month average is $ 39.5 million. The company attributed more than 84% of investments to institutional investors.
The number of bitcoins at the disposal of Grayscale significantly exceeds the indicators of other public companies. As of October 13, 12 other public companies held around 150,000 BTC. In some cases, like MicroStrategy and Square, bitcoin has the status of a reserve asset.
Also, Grayscale has been rapidly increasing its investments in Ethereum recently..
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