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Institutional interest: Greyscale is Rapidly Expanding its Bitcoin Portfolio

2 min reading

Greyscale Investment's portfolio has increased by 60,000 bitcoins in the last 100 days - about as many bitcoins as were extracted in the last 3 months.

bitcoin labyrint

88% of Greyscale's clients belong to the institutional category, so this may be a good signal of how institutions look at Bitcoin.

Greyscale is rapidly expanding its Bitcoin portfolio

Independent research on crypto subrddit have been measuring the number of Bitcoins in the Greyscale Bitcoin Trust since 2018. The report shows that the number of bitcoins in Greyscale's portfolio has increased from 283,192 to 343,594 over 100 days from 7 February to 17 May. The value of these coins is approximately $3.3 billion, according to official website.

“For good measure, 60,000 Bitcoins in last 100 days is about 33 – 34% of all newly minted bitcoins in that period, give or take.” As concluded by the researcher.

During the year from December 2018 to 2019 the number of bitcoins held by Greyscale has only increased by 30000.

The pace started to increase at the turn of 2019 and 2020. The number of bitcoins increased by 80000 from July to May.

One of the assumptions explaining the large increase in bitcoins is that halving acts as a catalyst. This is supported by data that indicates sharp increases in acquisitions that started in late April, a few weeks before the bonus block was introduced. 

Institutional interest in growth?

In 2018, the Greayscale report showed that 56% of the portfolio came from institutional investors

Until the publication of the report for the first quarter of 2020, this number has increased to 88%. These figures indicate that more and more institutions are beginning to take an interest in bitcoin and Bitcoin is not only seen as a criminal internet thing without any value.

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