Reports have revealed that Grayscale Investments now controls up to 2.4% of the current BTC supply.
In the past week, Grayscale Investments, a crypto fund manager, have experienced an increase in the assets under management in its Bitcoin Trust. This increase occurs at more than $180 million.
Bitcoin acquisition by Grayscale Investments
According to the data from Bybt Pro, in the last seven days, Grayscale has made an addition of 17,000 bitcoins to its Bitcoin Trust. In total, Grayscale now possess 449,900 coins under their management. With the crypto asset trading at $10,890, closing above $10,000 every day for the past nine weeks, this is worth roughly $4.9 billion.
From the analysis above, it clearly shows that Grayscale investments has now gained control of roughly 2.4% of the total supply of Bitcoin. According to CoinMarketCap, the supply of Bitcoin is currently at 18,504,575, and at the moment, Grayscale is not showing any signs of stopping its Bitcoin acquisition.
The total supply of Bitcoin is capped at 21 million and this implies that the BTC left to be mined is roughly 2.5 million. That is about 11.9% of the total supply Bitcoin that is left to be generated. With its current prowess, if Grayscale Investments were to stop acquiring bitcoins at present, more than 2% of all the Bitcoin in circulation would still be controlled by the firm. That is, by the time the mining of the final block occurs.
Other firms also acquire Bitcoins
Apart from Grayscale Investments, other forms are also seeing the benefits of investing in cryptocurrencies. MicroStrategy, a business intelligence company, has also swapped its spare capital from fiat to Bitcoin. The capital swapped is worth more than $400 million.
According to reports, MicroStrategy has amassed up to 38,250 BTC since it first purchased crypto in August. This is less than 10% of that of Grayscale.
The CEO of Grayscale, Barry Silbert, tweeted on September 15 that both companies were in a Bitcoin “buying race.”
Apparently there is some kind of bitcoin buying race between MicroStrategy and @Grayscale
Game on
— Barry Silbert (@barrysilbert) September 15, 2020
As of September 25, Grayscale reported $5.8 billion in assets under management. This also comes with crypto trusts including Bitcoin Cash (BCH), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Horizen (ZEN), XRP, Zcash (ZEC), and Stellar Lumens (XLM).
Recently, Bitcoin volume on the Ethereum blockchain has increased. This made about 89,176 Bitcoins worth $981,316,988 to remain tokenized on the Ethereum blockchain. The number was just 56,891 BTC at the start of the month but then almost doubled in just 16 days.
