Digital assets manager Grayscale just added more than 10,000 Bitcoin to its portfolio in a single day, bringing the total number of BTC it holds to nearly 600,000.
Data from cryptocurrency futures trading and information platform Bybt reveals Grayscale held 576,650 Bitcoin on December 21st, 2020. The amount rose to 588,970 a day later, an increase of approximately 12,320.
Grayscale’s recent purchase equates to a 13-day supply of newly mined Bitcoin since the number of Bitcoin being added daily to the total circulating supply is 900 or $21 million. At Bitcoin’s current price of $23,825, the company’s total BTC holdings are valued at just over $14 billion at time of writing.
Grayscale’s latest purchase of the world’s leading digital asset is worth just over $290 million.
The nine-figure sum Grayscale just spent to purchase BTC is nearly 10 times the average amount the digital asset manager was spending per week in the first quarter of the year on the flagship cryptocurrency.
In a recent CNBC interview, Grayscale Investments’ managing director, Michael Sonnenshein, discloses that their Bitcoin purchases have increased sixfold year-over-year.
“At Grayscale, our flows are now probably up 6X what they were last year. And the types of investors that are putting capital to work are unlike any of the investors we have seen ever before. It’s some of the world’s largest investors and the allocations that they are making are bigger than we’ve ever seen before.”
Per Sonnenshein, the current Bitcoin bull market is different from the 2017 bull run.
“I think this is a very different scenario than we were in in 2017. Back then, Bitcoin didn’t break that psychologically important $20,000 mark. And it’s really not surprising to us that it has this year. There really are a couple of important factors at play that weren’t here in the 2017 rally. And it’s investment banks writing research highlighting Bitcoin’s superiority to gold. You guys have seen prominent investors coming out and supporting this asset class. You have corporations adding Bitcoin to their balance sheets. These are not factors at play that we have seen before for this asset.”
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