Cryptocurrency fund manager Grayscale Investments has increased the assets under management of its Bitcoin Trust by more than $180 million in the past week.
According to the information platform Bybt, Grayscale has added 17,100 Bitcoin (BTC) to the company’s Bitcoin Trust in the past 7 days. The company currently manages 449,900 tokens with a total value of approximately US$4.9 billion and crypto assets of US$10,890. In the past 63 days, the daily closing price exceeded US$10,000.
This effectively means that Grayscale controls approximately 2.4% of the total coin supply (currently 18,502,381 according to CoinMarketCap), and there is no sign of stopping the frenzy. The total supply of bitcoin is capped at 21
Grayscale is not the only company seeing the potential of crypto investment. MicroStrategy, a business intelligence company, has converted more than $400 million in spare capital from legal tender to Bitcoin. According to reports, since the first cryptocurrency purchase in August, the company has accumulated 38,250 BTC; less than one-tenth of the gray scale.
In a tweet on September 15 by Barry Silbert, the CEO of Grayscale (probably a joking announcement to members of Crypto Twitter), both companies are vying for Bitcoin:
Obviously, there is some kind of Bitcoin buying race between MicroStrategy and @Grayscale
-Barry Silbert (@barrysilbert) September 15, 2020
However, token holders do not necessarily need to worry that Grayscale can acquire coins faster than its mining speed. Cointelegraph reported in July that most of the investment company’s cryptocurrency purchases come from bitcoins that are already in circulation. The company refers to these purchases as “physical” transactions.
As of September 25, Grayscale reported that the scale of assets under management was 5.8 billion U.S. dollars. Cryptocurrency trusts include Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Horison (ZEN), and Litecoin. (LTC), Stellar Lumens (XLM), XRP and Zcash (ZEC).