Grayscale’s Bitcoin Trust Now Holds More Than 500,000 BTC

The leading cryptocurrency asset management firm Grayscale Investments now has more than 500,000 BTC held in its largest fund Bitcoin Trust Fund (GBTC). This is a major milestone for Grayscale Investments as it now holds approximately 2.4 percent of the total circulating supply of the world’s largest digital currency Bitcoin (BTC). The total circulating supply of the coin is 21 million as per data from CoinMarketCap.

Grayscale Investments’ Founder and Chief Executive Officer (CEO) Barry Silbert has provided an update on the firm’s holdings of Bitcoin via a recent tweet. He said that the firm’s Bitcoin Trust now owns more than 500K BTC in it. This amount is worth approximately $8.8 billion at the price value of Bitcoin at around $17,920.

With this significant achievement, the total value of assets under management (AUM) of Grayscale Investments across all of its cryptocurrency products has also reached the $10 billion figure. The major portion of this amount is held in Grayscale’s Bitcoin (BTC) Trust fund. The firm’s second-largest fund Ethereum Trust Fund (ETHE) contains $1.1 billion worth of investments. The other funds of the firm including Bitcoin Cash Trust, Litecoin Trust, Ethereum Classic Trust, XRP Trust, Stellar Lumens Trust, and Zcash Trust also contain small amounts.

The year 2020 has been impressive for Grayscale Investments so far as the firm has noted significant growth across its cryptocurrency investments. All of the three quarters were record-breaking for the company. Grayscale raised an amount of over $500 million in the first quarter of the year 2020. In the second quarter, the firm raised an amount of more than $905 million across all digital currency products. This was a record-breaking quarter for the company at that time.

Recently, the company released its report for the third quarter. According to that report, the firm secured approximately $1.05 billion in digital assets investment products during the third quarter. GBTC was leading with an amount of $720 million raised in it. Grayscale’s financial report also revealed that Bitcoin witnessed massive institutional interest during these three quarters of the year 2020.

Meanwhile, the top-ranked cryptocurrency has come closer to break above the next bullish level of $18,000. At the press time, the price value of Bitcoin is changing hands at $17,857.