GBTC Is On Its Way to Hit 500K BTC As It Sees a Record Weekly Inflow of $250M

Cryptocurrency asset management firm Grayscale Investments is continuously seeing a major inflow of Bitcoin (BTC) into its Grayscale Bitcoin Trust (GBTC) which is by far its largest trust fund. GBTC has witnessed a record weekly inflow of around $250 million. With this, this major trust fund has now come closer to hit the milestone of 500,000 BTC which is expected to occur by the end of the present year.

A total of 15,907 BTC worth approximately $250 million was witnessed by Grayscale Bitcoin Trust last week. It is the largest ever weekly inflow for GBTC. In terms of value, it even went above all of the other Bitcoin investments that the firm has made so far this year.

Currently, there are around 481,711 BTC held in Grayscale’s Bitcoin Trust fund. The amount is worth approximately $6.7 billion. GBTC is now on its way to hit the 500k figure. If this growth continues in the coming weeks, it might be able to achieve this milestone by the end of the year 2020. Once this happens, 2.7 percent of the total circulating supply of the world’s largest digital currency Bitcoin will be in control of Grayscale Investments.

Moreover, if the growth remains consistent by the next year as well then the firm is most probably going to have 926,600 BTC held in its Bitcoin (BTC) Trust fund by December 2021. This is equivalent to approximately 5 percent of the entire circulating supply of Bitcoin.

So far now, the firm has secured massive growth over the course of this year. When the year 2020 started, the total amount of assets under management (AUM) of Grayscale Investments was standing at $1.9 billion. In the first nine months of this year, its AUM has reached $4.7 billion. This is an explosive growth seen by the firm. An extra $2 billion has been added to its AUM after its Q3 report. Most of the investments were made into the firm’s Bitcoin Trust fund which indicates the growing interest of institutional investors in the top-ranked digital currency.