Grayscale Scoops Up Bitcoin (BTC) Worth $270M in the Last 7 Days

Ethereum World News
Ethereum World News December 16, 2020
Updated 2020/12/16 at 9:00 AM
3 Min Read


Quick take:

  • Grayscale has added to its bags Bitcoin worth $270 Million in the last 7 days
  • Grayscale’s total assets under management have hit a total of $13 Billion
  • Grayscale’s assets under management have increased by 465% since January 2020
  • The share value of Grayscale’s Bitcoin Trust has exceeded $20 and will continue to increase in value

The popular Wall Street company of Grayscale investments has not slowed down on its mission to accumulate Bitcoin. According to data shared by the team at Unfolded, the company has accumulated Bitcoin worth $270 million in the last 7 days alone. This information was shared via the following tweet and accompanying chart highlighting the accumulation of Bitcoin by Grayscale in the last week.

Over the last 7 days, Grayscale adds $270m worth of #Bitcoin

— unfolded. (@cryptounfolded) December 15, 2020

Grayscale Total Assets Under Management Hits $13B

With the recent accumulation of Bitcoin and other digital assets, Grayscale Investments now has a total of $13 Billion net assets under management. The team at Grayscale shared this milestone yesterday, December 14th, via Twitter. A screenshot of their update can be found below.

Grayscale Scoops Up Bitcoin (BTC) Worth $270M in the Last 7 Days 3

Assets Under Management Increase by 465% in 2020

Grayscale’s assets under management hitting $13 Billion is very impressive and a 465% growth since the beginning of the year. In January, Grayscale’s assets under management stood at $2.3 Billion. With more institutional investors turning to Bitcoin and other digital assets, chances are that Grayscale’s assets under management will exceed $20 Billion by mid-2021.

Share Value of Grayscale’s Bitcoin Trust Will Keep Rising

From the screenshot, it can be observed that the share price of the Grayscale Bitcoin Trust is now at $22.26. This is an impressive 24% increment since the mid-November value of $17.96.

To note is that the share price of the Grayscale Bitcoin Trust opened Q4 at a value of $11. This means it has doubled in value in less than three months.

Such impressive growth in value is in tandem with the accumulation of Bitcoin by Grayscale. Furthermore, it points to additional growth by GBTC. With such impressive growth, the Grayscale Bitcoin Trust could offer a good alternative for investors who missed out on the Bitcoin train after the Coronavirus crash of mid-March. During the latter event, Bitcoin dropped to as low as $3,800.

Sourced by Ethereum World News

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