Name Price24H (%)
Bitcoin (BTC)
$9,237.63
0.22%
Ethereum (ETH)
$239.39
-0.35%
XRP (XRP)
$0.198529
-0.09%
Litecoin (LTC)
$43.46
-0.60%
GrayScale Is Buying More Bitcoin Than There Is Mined
NEWS

GrayScale Is Buying More Bitcoin Than There Is Mined

The digital asset management company, Grayscale Investments, has increased its Bitcoin buying speed recently.

According to a researcher, the firm’s accumulation levels have jumped to about 150% of the freshly mined coins since the third halving.

Recently, Grayscale had increased its Bitcoin holdings by 60,000 coins for the past 100 days. It equaled to about 33% of all mined coins within that time frame.

According to data from today provided by the independent researcher, Kevin Rooke, the cryptocurrency fund management firm had purchased 18,910 bitcoins since the third halving at that point. At the same time, though, the number of mined coins since the event whichtook placeon May 11th was only 12,337.

In other words, Grayscale has been buying BTC at a 1.5x rate of the freshly mined coins for the past few weeks.

The increased accumulation rate suggests the rising interest of institutional investors since most of the company’s customers fall in that category.

Interestingly, Grayscale clients are paying about a 21% premium on their Bitcoin shares. As of May 27th, one share of GBTCcost$10.54 to buy, while the holdings per that share were worth $8.69.

Meaning, institutional investors prefer paying more for the asset to avoid transferring, storing, and managing the primary cryptocurrency on their own.

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