Grayscale Investments Likely Hold More Bitcoin Than It Thinks
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Over the course of 2020, more institutions have been getting involved with the crypto space. One of the biggest companies that has converted much of its holdings into the leading cryptocurrency is Grayscale investments which now holds more than 500,000 bitcoins in its bitcoin trust.
According to a post that was published earlier this week, the company now holds $8.35 billion worth of the leading coin which is equal to 2.69% of the outstanding supply and market capitalisation of bitcoin.
Although that being said, a recent analysis from Chainalysis has estimated that around 3.7 million bitcoins have been lost meaning that the institution could actually be in possession of 3.37% of the remaining circulating supply of the King coin.
Institutional investors are flooding into the industry in force ever since bitcoin reacted in a positive way to the coronavirus pandemic in March and the lockdowns that occurred all over the world in numerous different countries. The asset seemingly appeals to these investors who are prepared to pay a premium in order to buy and hold the currency through the security of a regulated fund.
Grayscale Bitcoin Trust now holds more than 500,000 $BTC. Yes, you read that right. Learn more about the world's largest #Bitcoin investment product. #GoGrayscale https://t.co/2sEpUdw8iN pic.twitter.com/9h8nGZ8i4t
Over the course of this year, the bitcoin trust from Grayscale has been heavily accumulating the leading coin. It will be interesting to see where it goes in the future and how much more it obtains over the coming months.