Cryptocurrency asset management firm Grayscale Investments has made another large acquisition of Bitcoin – according to its latest update of its assets under management.
Grayscale often releases small updates on the current valuation of its different cryptocurrency funds and a comparison between two updates this week shows that the Grayscale Bitcoin Trust has increased its BTC holdings by $300 mln.
The first tweet on 12 November shows that the Bitcoin Trust was valued at $7.9 bln, while the final update of the week on 14 November showed that the Bitcoin Trust’s value had increased to $8.2 bln – an increase of around $300mln.
According to a report from Decrypt – Grayscale bought 15,114 Bitcoin which has increased the overall holdings to 506,000 BTC. This accounts for more than 2 percent of the global Bitcoin supply.
The update from Grayscale also indicated that its Ethereum Trust saw its assets under management increased by $26mln as well. The Litecoin Trust also saw an increase of $3.6 mln, while the XRP (Ripple) Trust increased by $200,000 (from $8.3 mln to $8.5mln). The Zcash Trust also increased by $300,000.
Grayscale continues to increase its assets under management across its various different cryptocurrency funds in what has been a stellar year for the virtual asset management firm.
Midway through October 2020 Grayscale announced that it had hit a third consecutive record-breaking quarter in which it raised over $1bln into its various investment products.
According to the latest quarterly investment report for Q3 of 2020, a total of $1.05 bln was raised which is the largest quarterly inflow that the company has ever seen. Grayscale’s investment in the year-to-date has surpassed $2.4 bln which it claims is more than double its $1.2 billion inflow over an entire six year period from 2013 to 2019.
In that report the Bitcoin Trust had seen its assets under management (“AUM”) surge from $1.9 billion to $4.7 billion from September 2019 to September 2020. In the space of a month it seems that Bitcoin Trust’s holdings have almost doubled to the $8.2bln listed on Twitter this week.