Advertisement

Grayscale bitcoin trust well on its way to holding 500,000 BTC by the end of 2020

Grayscale bitcoin trust well on its way to holding 500,000 BTC by the end of 2020

Quick take

1 minute read

  • Over the course of 2020, institutional investors are becoming more and more interested in the world of cryptocurrency. 
  • Grayscale is one particular institution that has been seriously getting involved with the space and has a nice chunk of bitcoin in its holdings.

Over the course of 2020, institutional investors are becoming more and more interested in the world of cryptocurrency

Grayscale is one particular institution that has been seriously getting involved with the space and has a nice chunk of bitcoin in its holdings. By the end of this year, the Grayscale bitcoin trust is on track to reach half 1 million bitcoins.

Just last week, the company saw a record inflow of $215 million that surpassed all previous investments into the bitcoin trust. Now, $6.7 billion worth of bitcoin is not held at the company. This is the equivalent of 481,711 bitcoins according to reports.

With this in mind, the company is on track to hold 500,000 bitcoins by the end of this year. This comes if the company is able to continue this growth rate over the next few months.

Created in September 2013, the bitcoin trust has been slowly growing over the years but in 2020 particularly, it is blown up. In the first nine months of this year, the assets under management group from just under $2 billion to over $4.5 billion.

In fact, one analyst on Twitter last week found that the company has made more money off the leading cryptocurrency and it has from its day-to-day business operations.

Institutional investment in the leading cryptocurrency has been growing exponentially over the course of this year and it is expected to continue expanding to different companies in the future. In 2017, the leading coin became mainstream news after hitting $20,000 at the end of that year. Since then, not much has happened for the flagship token but now, momentum seems to be growing.

Grayscale has more bitcoin held than any other listed company in the world. It will be interesting to see how it grows its bitcoin portfolio over the next few months.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

You can share this post!

Advertisement