Grayscale buys nearly $ 140 million in BTC in 24 hours

Grayscale holds $ 10 billion in BTC.

The company bought over 71,000 BTC on December 4 to hold it on behalf of clients and investors.

The purchase is almost eight times the amount of BTC mined over the same period

Grayscale, the custodian and digital asset manager of Bitcoin Trust, added an additional $ 140 million worth of Bitcoin to its portfolio within 24 hours.

Grayscale has purchased 7188 Bitcoins in a single day. This confirms the continued institutional interest around its Bitcoin offering. Looking at Grayscale’s Bitcoin holdings over the past week and month, a similar pattern emerges. Last week Grayscale added over 14,000 BTC. Over the past month, the company added 64,832 BTC, with a total value of over $ 1.2 billion. Miners created just 27,881 BTC in November, which is only half of the Bitcoin Grayscale purchased during the month. It is evident how massive and influential Grayscale is as a cryptocurrency-focused entity.

A broader view of the interest in BTC

As a primarily Bitcoin-focused digital asset custodian, Grayscalemakes these massive purchases of BTC as its customers keep asking for additional exposure. The image becomes clearer by combining this with other major announcements. The hundred million dollar acquisitions of BTC from state-owned companies are just the start. There are now regulated crypto indices on Wall Street and the integration of the use of cryptocurrency into globally dominant financial services like PayPal. You can start to get a big picture of what mainstream and institutional organizations think about Bitcoin in the long run. It will be interesting to see how Grayscale’s Bitcoin purchases for December compare to those in November, as Bitcoin continues to hit its all-time high.

Posted in Bitcoin