Data from Bybt, Grayscale bought 17,100 BTC last week. The company now has 449,900 coins under management.
Effectively, Grayscale controls 2.4% of the total BTC supply - or the equivalent of 18,502,381 according to CoinMarketCap. There are no signs that Grayscale will stop buying.
Currently, there is only 2.5 million BTC left to mine, or around 11.9% of the total Bitcoin that will be generated. Even if the company stops collecting Bitcoin, it will still have control over 2% of all Bitcoin in circulation by the time the block stops mining.
Grayscale isn't the only company looking at the potential for crypto investing. There's MicroStrategy which has converted $ 425 million of its fiat reserves into Bitcoin.
MicroStrategy started collecting Bitcoin in August 2020. This business intelligence company has bought Bitcoin twice, but the amount is still one-tenth of the total ownership of Grayscale.
This prompted a response from Grayscale CEO Barry Silbert. He announced a tweet on Sept. 15 about a 'Bitcoin collecting game between the 2 giant companies.
“Apparently there is some kind of bitcoin buying race between MicroStrategy and @Grayscale”tweeted Silbert.
The majority of crypto buyers by investment companies come from Bitcoin that is already in circulation. The company calls this an in-kind exchange. So, miners don't have to worry about the remaining supply of coins that are still in circulation to be mined.
Grayscale reports $ 5.8 billion in assets under management as of September 25, including Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP , and Zcash (ZEC).
In recent days, the Bitcoin market has been doing well and its dominance has returned to near 60%, reports from Asiatimes. Over the past 90 days, the percentage of cryptocurrency vs USD has risen by more than 16%, and is up by 29% from last year - reports from Bitcoin.com.
Meanwhile, according to Decrypt, Grayscale published a report for investors, "that market sentiment is reminiscent of the beginning of 2016, the period before Bitcoin's historic rise in 2017."
Data from Bybt, Grayscale bought 17,100 BTC last week. The company now has 449,900 coins under management.
Effectively, Grayscale controls 2.4% of the total BTC supply - or the equivalent of 18,502,381 according to CoinMarketCap. There are no signs that Grayscale will stop buying.
Currently, there is only 2.5 million BTC left to mine, or around 11.9% of the total Bitcoin that will be generated. Even if the company stops collecting Bitcoin, it will still have control over 2% of all Bitcoin in circulation by the time the block stops mining.
Grayscale isn't the only company looking at the potential for crypto investing. There's MicroStrategy which has converted $ 425 million of its fiat reserves into Bitcoin.