Short Take: Grayscale Continues to Buy BTC, Now Owns Over 1% of Circulating Supply
Despite the gloomy headlines about the crypto bear market, some institutional investors continue to show their faith in Bitcoin. Take Grayscale, a digital currency asset manager that was established by Digital Currency Group in 2013. Grayscale’s Bitcoin Investment Trust now holds over 203,000 Bitcoin -- at an estimated value of $826 million today. This makes Grayscale the largest institutional investor in Bitcoin, holding over 1% of Bitcoin’s circulating supply.
According to Grayscale, "Bitcoin Investment Trust’s shares are the first publicly quoted securities solely invested in and deriving value from the price of Bitcoin." Grayscale has continued to add to their Bitcoin position each month of 2018, despite the downtrend in Bitcoin prices.
Grayscale’s Bitcoin Investment Trust currently trades at a 22% premium over current Bitcoin prices, showing the appeal of a Bitcoin trust for accredited investors.