Grayscale Bought Whopping $1.27 Billion Worth Of BTC In One Week

The leading cryptocurrency asset management firm Grayscale Investments continues to grow its largest trust fund Grayscale Bitcoin Trust (GBTC) by adding more and more Bitcoin in it. Reportedly, the asset manager has accumulated a whopping amount of Bitcoin (BTC) within the duration of the past week, reveals a report filed with the United States Securities and Exchange Commission (SEC).

Grayscale filed a sales report with the US SEC on the 21st of January regarding the number of Grayscale BTC Trust’s shares issued recently. This filing revealed that the firm bought a staggering amount of more than $1.27 billion worth of BTC to increase its Bitcoin holdings in its largest trust fund.

While outlining further details regarding this acquisition, the company said that a total of 37,036,200 in shares of GBTC was issued by the company. As a result of this, the firm bought a total of 35,159.01978857 BTC. This amount is worth more than $1.27 billion at the current prices of the leading digital currency, which is trading above the figure of $32k.

As Grayscale remains active in purchasing massive amounts of Bitcoin, it is usually regarded as the largest buyer of BTC out of the other hedge fund investment firms. Peter Schiff, the very well-known hater of the top-ranked digital currency, has also acknowledged this fact.

Reportedly, Grayscale Investments’ GBTC trust fund counts for more than 3 percent of the entire circulating supply of the world’s largest digital currency by market value. On the 18th of Jan, it recorded its largest-ever daily BTC purchase with the acquisition of over $607 million worth of Bitcoin. This shows that the firm is not going to stop accumulating Bitcoins. While commenting on the firm’s largest daily purchase, Capriole Investments’ founder Charles Edwards said that he thinks Grayscale will soon be able to control 10 percent of Bitcoin’s total circulating supply as he claimed that the company is moving ahead with its Bitcoin buying spree at a rate of 10% per month. If it continues to gather more BTC at this pace, it may be able to hold around 10 percent of all circulating Bitcoin sooner than expected.