BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Grayscale Adds $186 Million of Bitcoin to its Reserves

Grayscale Adds $186 Million of Bitcoin to its Reserves
Over the past week, digital asset management firm Grayscale Investments has increased its reserves by 17,100 Bitcoin (BTC), according to its website and crypto analytics platform bybt.com . That’s an increase of $186.5 million.
As a result, the GBTC Bitcoin trust, which was created in 2013, now amounts to nearly 450,000 BTC—or $4.7 billion. This corresponds to 2.5% of the amount of Bitcoin in circulation.
The size of Grayscale's Bitcoin reserve is constantly growing. Image: bybt.com
This doesn’t necessarily mean Grayscale is buying this Bitcoin directly. It can either purchase Bitcoin on behalf of clients, or it can issue shares in exchange for Bitcoin. In the latter case, it wouldn’t be sucking up any of the available supply and wouldn’t be affecting its price.

The increase in Grayscale’s reserves comes amid a pullback in the price of Bitcoin. Earlier this month, the first cryptocurrency made another unsuccessful attempt to gain a foothold above $12,000 and has been trading mostly above $10,000 since then.
While the Bitcoin fund constitutes the lion’s share of Grayscale’s funds, the company now has around $5.8 billion worth of assets under its management in total, according to its latest report.

09/25/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $5.8 billion $BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC pic.twitter.com/FtGxWWnKhE
— Grayscale (@Grayscale) September 25, 2020

As Decrypt reported, Grayscale received over $217 million worth of digital asset trust investments in a single week after launching a TV ad campaign—which didn’t even mention Bitcoin .
In early September, the firm also published a report for investors that suggested that today’s market is “reminiscent of early 2016, the period that preceded Bitcoin’s historic bull run.” If history does repeat itself, Grayscale is in the right position.

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Cool huh? Please read the full Article: Grayscale Adds $186 Million of Bitcoin to its Reserves


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News