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Grayscale Bought More Bitcoins than Were Mined

3 min reading

Grayscale Investment, a digital asset management company, is not slowing down and is buying more and more Bitcoins. According to recent reports, 60,000 Bitcoins fell into Grayscale's  wallet in last 100 days. Institutional clients are increasingly inclined to invest in cryptocurrencies

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Greyscale bought 60,000 BTCs in 100 days!

Already before halving, Grayscale was doing large shopping and the vast majority of analysts shared the opinion that we can expect a mass sale after halving. However, the cryptocurrencies asset management company, established in 2013, is not slowing down.

Over the last 100 days, Grayscale has purchased 33% of all the Bitcoins that was extracted in that time! Today's report, published by Kevin Rooke, reveals data that the company has bought 18,910 BTCs since halving. It is worth mentioning that the number of Bitcoins mined since May 11th is 12,337.

The vast majority of Grayscale's clients, are institutional investors who prefer to pay 21% more for Bitcoin shares and not to worry about BTC's custody and management issues.

If the price of the oldest cryptocurrency is rising, it will certainly attract the attention of other institutions that are looking for long-term investments in such a special period.

At the time of writing the article, the price of Bitcoin returned above 9400 USD.

Impressive first quarter of 2020

In the first quarter of 2020, Grayscale recorded revenues of $500 million, a 100% increase over the previous quarter. Given the current state of the global economies affected by the COVID-19 crisis, these figures are impressive.

80% of the company's customers, the vast majority, decided to buy Bitcoin. Other assests like Ethereum (ETH) were also of great interest.

In the last year alone, total proceeds from all products offered by the company exceeded $1 billion. On the other hand, the cumulative amount of investments since the company was established has increased to USD 1.68 billion.

Although the interest in Bitcoin, as expressed by institutional clients, is growing year on year, the largest demographic group buying BTC is still made up of retail and millennium investors.

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