Grayscale Bitcoin Trust Buys 17,100 Bitcoins In A Week

Grayscale Investments has increased its assets under management (AUM) in its Bitcoin Trust (GBTC) by more than $180 million.

The institutional fund management firm added 17,100 Bitcoin (BTC) to the Bitcoin Trust in the last week.

Added to the Trust’s AUM, Grayscale now has a total of 449,900 Bitcoins at an aggregate price of $4.9 billion parked in its fund.

Grayscale’s Bitcoin allocation means it hodls about 2.4% of the total Bitcoin supply, which is currently at 18,502,725, making it the biggest active Bitcoin whale.

The Bitcoin Trust, which has grown almost 40% from $3.55 billion on 1 July, shows no sign of slowing down either.

What Is The Grayscale Bitcoin Trust (GBTC)?

The Grayscale Bitcoin Trust (GBTC) is a Bitcoin investment product that individual investors can buy and sell in their own brokerage accounts.

Although it is not a Bitcoin ETF, it’s the closest we have to one. It’s modelled on popular commodity investment products like the SPDR Gold Trust ETF, and it gives investors access to buy and sell public shares of the Trust. Read More

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