Crypto asset fund management company Grayscale Investments increased the number of assets in its Bitcoin Trust, by more than US $ 180 million in the past week.
According to data from Bybt, Grayscale added 17,100 BTC to Bitcoin Trust in the last seven days.
In total, the company now manages 449,900 BTC, worth US $ 4.9 billion based on a BTC valuation of US $ 10,890, of which BTC has managed to stay above US $ 10 thousand for the past 63 days.
This means that Grayscale controls 2.4 percent of the total BTC supply and it seems that Grayscale is not planning to stop buying BTC.
When this news was released, the total supply of BTC was 21 million coins, and currently the circulating supply is 18,502,381 BTC according to CoinMarketCap, so there is an estimated 2.5 million BTC that has not been mined, or around 11.9 percent of the total supply.
Had Grayscale stopped buying BTC, it would have controlled more than 2 percent of the circulating Bitcoin supply, by the time the last block was mined.
Grayscale isn't the only company looking to invest in crypto assets. Business analysis company MicroStrategy has poured out more than US $ 400 million in funds to buy Bitcoin.
MicroStrategy has reportedly raised 38,250 BTC since its first purchase in August, about one-tenth of Grayscale's total deposits.
Grayscale CEO Barry Silbert tweeted that the two companies are in a race to buy Bitcoin.
“There seems to be some kind of a Bitcoin buying race between MicroStrategy and Grayscale. Come on! " said Silbert.
However, Bitcoin owners do not have to worry about Grayscale buying more Bitcoin than is being mined.
The majority of Grayscale purchases come from Bitcoin that is already in circulation. The company calls this purchase a kind of exchange.
Grayscale reports a $ 5.8 billion managed fund as of September 25, 2020, with crypto assets under management including Ether (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP and Zcash (ZEC).
Source: Cointelegrap.com
