Grayscale Adds Over $1 Billion in a Week to Bitcoin-Based GBTC Stock
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Answer Grayscale Adds Over $1 Billion in a Week to Bitcoin-Based GBTC Stock
Grayscale continues to break records with its institutional investment product, Bitcoin Trust, which attracted more than $1 billion in financial inflows from institutional clients in one week.
It appears that the company is preparing to launch several new investment funds for cryptocurrency such as “Chainlink” and “Tezos”…
Grayscale breaks new records:
We mentioned earlier that Grayscale is one of the leading companies in recognizing and exposing Bitcoin products to institutional investors.
Grayscale recorded its best quarter so far, which is the fourth quarter of 2020, as the company witnessed a high demand for the GBTC product by institutional investors.
These record influxes of institutional investors have prompted “Grayscale” to amass massive amounts of BTC.
Read:Another crypto lending platform suspends its services and freezes withdrawals…Details here
As such, the company’s bitcoin holdings represent more than 3% of all bitcoins ever in existence.
The newly appointed CEO of Grayscale, Michael Sonnenchin, provided an example of the huge demand from institutional customers for the Bitcoin product. Share File with the SEC, stating that these investors have committed nearly $1.3 billion to invest in GBTC in just one week.
This is a record for the trust, with an average amount raised on a weekly basis of $217 million during the fourth quarter of 2020, which is the company’s best quarter.
Grayscale is interested in altcoins:
Aside from the Bitcoin fund, Grayscale offers a range of mutual funds for a range of other cryptocurrencies.
These altcoins include:
Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin…
Recently, Grayscale decided to dissolve the XRP Trust after accusations from the SEC against Ripple.
However, the company may add more digital products for its enterprise customers soon.
Listed as the “legal trustee” of Grayscale in Delaware, the Delaware Trust has submitted documents to the state registry of companies to establish trust funds for five cryptocurrencies:
Read:Cryptocurrency exchange Binance gets regulatory approval from the Central Bank of Bahrain
Chainlink, Tezos, Decentraland, Livepeer, and Basic Attention Token.
Which is what we touched on earlier on Arab Bitcoin:
What is meant by “Grayscale Chainlink Trust” and is it an investment fund like “GBTC”
Read also:
What is the “Horizen” project and its digital currency “ZEN”? What is the focus of his work?
The company “MicroStrategy” continues to invest in Bitcoin and buys a new amount of it
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