Grayscale Sweeped $1.27 Billion In BTC Off The Market In One Week

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Good News For Bitcoin Bulls - Grayscale Bitcoin Trust Adds 12,319 BTC In A Day
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Despite the recent drop in the topmost cryptocurrency value by market cap, institutional traders, who have immensely been the asset’s driving force in recent times, haven’t slowed down in raking as much as they can lay their hands on off the market.

According to a recent sales report by Grayscale Investment submitted to the United States Securities and Exchange Commission (SEC) about recently issued GBTC shares, the document indicated that the company purchased a whopping $1,276,147,151 worth of bitcoin.

Grayscale Bags More Bitcoins

Grayscale, the famous digital currency investing and cryptocurrency management company has continued to acquire more bitcoin, continually increasing its investment in the most trusted and valuable cryptocurrency.

According to a recent sale report sent to SEC, which was confirmed by CEO Micheal Sonneshein, on January 21 shows that the company had issued 37,036,200 GBTC shares and purchased a little over 35K bitcoins, which amounts to $1.27 billion.

It’s a known fact that since mid-2020, Grayscale has been buying substantial amounts of bitcoin regularly. It’s also reported that the company gobbled up $300 million worth of bitcoins within 24 hours on January 20, adding 8,762 bitcoins to their holdings.

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Grayscale Drops By $2 Billion in Recent Pullback

The recent drop, which brought bitcoin’s value down from a little over $40K to where it’s currently trading at a little over $32K has also affected investors with the big bags.

Grayscale Sweeped $1.27 Billion In BTC Off The Market In One Week
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Grayscale, which isn’t left out of this, happened to have lost close to $2 billion to bitcoin’s value decline, as the aggregated value of the company’s crypto-asset dropped from $27.2 billion to $25.5 billion.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.