Grayscale Investments already controls 2.4% of total Bitcoin supplyBitcoin
The investment company bought an additional 17,100 BTC last week.
Grayscale Investments already controls 2.4% of total Bitcoin supply
Crypto Grayscale Investments fund manager has increased the assets under management in its Bitcoin Investor by more than US$ 180 million last week.
According to data from the Bybt information platform, Grayscale added 17,100 Bitcoin (BTC) to the company’s Bitcoin Trust in the last seven days. The company now has 449,900 total currencies under management – worth approximately US$ 4.9 billion with the cryptoactive at US$ 10,890, closing above US$ 10,000 every day for the last 63 days.
This effectively means Grayscale controls about 2.4% of the total currency supply – currently at 18,502,381 according to CoinMarketCap – and shows no signs of stopping its shopping spree.
The total Bitcoin supply is limited to 21 million, which means there are about 2.5 million BTC left to be extracted, or about 11.9% of the total Bitcoins to be generated. Even if the company stopped accumulating currencies now, it would still have control of more than 2% of all Bitcoin in circulation at the moment the final block is extracted.
Grayscale is not the only company that sees the potential of investments in crypto currency. The MicroStrategy business intelligence company exchanged over $400 million for Bitcoin. The company has accumulated 38,250 BTC since its first purchase of cryptomotes in August; less than one-tenth of Grayscale.
Barry Silbert, CEO of Grayscale, announced in a September 15 tweet – perhaps joking for members of the crypto community on Twitter – that the two companies were in a „purchase race“ for Bitcoin:
However, token holders need not necessarily worry about acquiring Grayscale coins faster than they can be mined. The Cointelegraph reported in July that most of the investment company’s purchases of cryptomime came from Bitcoin already in circulation. The company refers to these purchases as „in kind“ exchanges.
Grayscale reported $5.8 billion in assets under management on September 25, with Crypto Trusts, including Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP, and Zcash (ZEC).