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Grayscale’s BTC holdings account for 2.4% of the total Bitcoin supply

Grayscale recently a massive Bitcoin purchase worth $180 million.

Image by 5933179 from Pixabay

Tue, 29 Sep 2020, 13:41 pm UTC

Grayscale Investments made headlines in August when it purchased $100 billion of Bitcoin in just one week. The crypto fund manager made headlines once more when it recently acquired more than $180 million of BTC this month.

Grayscale recently added 17,000 Bitcoin (BTC) to its assets under management in its Bitcoin Trust, according to Bitcoin.com. Based on data from information platform Bybt, the crypto fund manager made the acquisition, worth more than $180 million, in just a span of seven days.

With its most recent acquisition, Grayscale now has 449,900 BTC tokens under management. Based on the most recent Coinmarketcap data where Bitcoin is priced at $10,781, the crypto fund’s total BTC under management is worth $4.85 billion.

The firm’s 449,900 BTC under management also means that Grayscale Investments now owns 2.4 percent of the total Bitcoin token supply. At the moment, there are 18,502,381 Bitcoin tokens in circulation.

By design, the total supply of Bitcoin will max out at 21 million. With more than 18.5 million BTC already in the system, there are only 2.5 million coins, or 11.9 percent of the total that are still to be mined. Even if Grayscale would no longer buy BTC in the future, the firm’s holding will still be more than 2 percent of the total 21 million cap.

Grayscale has been on a Bitcoin buying spree lately. Last month, the crypto fund manager purchased BTC worth $100 billion in just one week via two separate transactions.

In the first transaction, Grayscale bought 5,973 BTC, which was valued at more than $68 million at that time. This was followed by another huge purchase two days later consisting of 3,729 Bitcoins worth around $42 million.

However, Grayscale is not the only firm that is busy snapping up Bitcoin lately. One such company is the Virginia-based business intelligence firm MicroStrategy which recently converted millions of its spare capital into BTC.

Earlier this month, MicroStrategy confirmed that it has purchased 38,250 BTC worth more than $400 million. “We acquired 21,454 BTC via 78,388 off-chain transactions, then secured it in cold storage with 18 on-chain transactions,” Michael Saylor wrote on Twitter, referring to MicroStrategy’s initial buy-in of 21,454 BTC for $250 million.

Due to fears of a potential devaluation of the dollar, many businesses are now viewing Bitcoin as a potential store of value. For instance, Tahini, a Canada-based restaurant chain that specialized in Middle Eastern cuisine, decided to covert its reserve cash into Bitcoin.

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