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Cryptocurrency investment firm Grayscale buys $100B of Bitcoin in a week

Grayscale's Bitcoin Trust went on a buying spree last week adding 9,702 BTC to its portfolio.

Image by MichaelWuensch from Pixabay

Thu, 13 Aug 2020, 12:11 pm UTC

Grayscale Investments has been making waves in the cryptocurrency scene recently. Right after the New York-based crypto investment firm’s announcement last week about the 90 percent growth of its Bitcoin Trust (GBTC) in 2020 to $1.87 billion, reports surfaced that the firm recently went on a buying spree snapping up BTCs worth over $110 million in just five days.

Thanks to eagle-eyed observers, it was revealed that Grayscale has purchased a massive amount of Bitcoin (BTC) very recently. This was first brought to light on Reddit when one user revealed that the crypto investment firm purchased 5,973 BTC, worth over $68 million, sometime last week, Bitcoin.com reported.

But this was immediately followed by another multi-million purchase. Two days after Grayscale made the $68 million purchase, the firm bought 3,729 Bitcoins worth around $42 million.

The two transactions mean that Grayscale added a total of 9,702 Bitcoins worth around $110 million with last week’s purchases. This means that its Bitcoin Trust has 401,385 BTC in assets under management (AUM) worth around $4.6 billion at current exchange rates.

Grayscale’s massive Bitcoin purchase last week generated a lot of speculations from the crypto community especially because the transaction did not seem to have a significant impact on the token’s price. “Judging by the lack of impact on the price, I’m going to guess they bought a cash-settled futures contract rather than actual bitcoins,” one Redditor offered a possible explanation.

Others speculated that the transactions must have been done over-the-counter which explains why they did not seem to affect spot market prices. “It’s done OTC, with multiple brokers taking their time to carefully procure the coins needed from multiple markets,” another Redditor commented.

Last Friday, Grayscale announced in a quarterly filing with the Securities and Exchange Commission (SEC) that the total value of its Bitcoin Trust (GBTC) increased by over $1.6 billion for the first six months of 2020, Coindesk reported.

From 125,000 BTC at the start of the year, Bitcoin Trust increased its portfolio to 387,000 BTC by June 30, 2020. In terms of value, the trust went from $1.87 billion to $3.5 billion by the end of the second quarter, an increase of 90 percent or $1.63 billion.

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