Grayscale Investments has bought nearly $500 million in Bitcoin since May’s halving, and this week bought BTC about three times faster than the miners could produce blocks.
According to a June 25 tweet from cryptanalyst Kevin Rooke, the investment firm bought 19,879 Bitcoin (BTC), worth USD 184 million, in the last week for its Bitcoin Trust, bringing its total number of currencies to approximately 400,000.
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Rooke stated that not only is Grayscale buying massive amounts of the cryptomoney, but it is now doing so at a rate of approximately 280% of the newly mined Bitcoin. The user of Twittter Hodlonaut pointed out
„Grayscale *only* has taken all of the mined BTC + 14,000 more BTC off the table since halving.“
Grayscale is cornering the market
There are currently 18.415 million BTCs in circulation, and the remainder is presumed to have been lost. Grayscale has purchased 53,588 BTCs in total since the May 11 halving, which equates to an average of 1,190 BTCs per day. If it continues to buy at the same daily rate, it will hold 3.4% of the global BTC supply (625,069 BTC) by January 2021, and 10% by the next halving in 2024.
Grayscale founder Barry Silbert suggested in May that the fund would increase its purchases in the second quarter, and he seems to be a man of his word.
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The investment firm announced that it had $4.1 billion in assets under management as of June 25, meaning that Grayscale’s value has nearly doubled from $2.1 billion in May 2019.
It has also sourced Ether
The Grayscale Ethereum Fund (ETHE) holds USD 396 million in Ether. Cointelegraph reported that Grayscale had purchased USD 110 million of Ether (ETH) in 2020 as of June 5.
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However, although ETHE shares rose by over 800% in early June (their trade was testing $250), they plummeted by 50% just a few days later before settling close to $100.