GrayScale Buys $300 Million Bitcoin

grayscale bitcoin purchases dec 2020

GrayScale has bought another $300 million worth of bitcoin yesterday, the company said, bringing their total assets under management to $16 billion. Some 12,300 bitcoin was added to their holdings yesterday, bringing it to a total of 589,000 bitcoins. The company further announced “its largest ever quarterly inflows, over $1.0 billion in 3Q20, making it the third consecutive record-breaking quarter.” Some $2.5 billion has been invested this year in their stock traded products, with the company pausing new clients, but their current ones seem to be buying more. As you might know GrayScale has a somewhat complex process whereby their GBTC and ETHE shares can be freely bought and sold on the OTC Markets. However, to ‘mint’ such shares one has to be an accredited investor, and then they must hold for six months in the case of GrayScale products. These 12,300 new bitcoins are ‘minted’ stock shares by these…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE