Grayscale Bitcoin Trust (GBTC) has made a significant investment in bitcoin, according to a recent filing with the Securities and Exchange Commission (SEC). The trust purchased approximately $350 million worth of bitcoin, equivalent to around 690,000 bitcoins. This marks a return to buying activity for GBTC, which slowed down in February after purchasing roughly $1 billion worth of bitcoin within a week in January and $500 million per week for much of December.
The dip in bitcoin’s price, which reached as low as $44,800, appears to have prompted GBTC to resume its buying activity. This is a significant development for the cryptocurrency market, as it shows that even large institutional investors are willing to take advantage of dips in the market to make long-term investments in bitcoin.
Overall, Grayscale’s continued interest in bitcoin is a positive sign for the cryptocurrency market. It suggests that even during times of market volatility, there are investors who are willing to recognize the potential value of bitcoin as a long-term asset. So, if you’re interested in bitcoin and want to stay up-to-date on the latest news and developments, be sure to keep an eye on Grayscale and other institutional investors as they continue to explore the potential of this exciting new asset class.
Grayscale has bought $350 million worth of bitcoin during this dip according to their latest filing with the Securities and Exchanges Commission (SEC).
“The Trust issued 7,789,400 Shares… for an aggregate of 7,383.70073325 Bitcoins representing $352,176,132,” they say. “As a result, there are 691,906,200 Shares issued and outstanding as of February 22, 2021.”
That translates to about 690,000 bitcoin held in custody by the Grayscale Bitcoin Trust (GBTC).
The trust was somewhat quiet for a period after buying about $1 billion worth of bitcoin within a week in January.
During December they kept buying $500 million a week for much of the month, but slowed down in February.
However it looks like they’re now back to buying following a crash in bitcoin which went to as low as $44,800.
