- Grayscale increased its Bitcoin holding with an additional 16,000 BTC worth over $500 million.
- This comes a few days after it reopened the Bitcoin Trust product for new investment.
Institutional-grade cryptocurrency investment company, Grayscale Investments, has added another substantial amount of Bitcoin (BTC) to its holdings. The company bought over $500 million worth BTC on Monday, according to the information provided by ByBt. This is seemingly the largest Bitcoin purchase made by the company in a single day, both USD and the number of BTC.
Judging by these massive purchases since this year, one can easily conclude that there is still a growing level of interest in the leading cryptocurrency among institutions and deep-pocketed investors.
Grayscale bought 16,000 BTC
According to the information on ByBt, Grayscale increased its Bitcoin holding by 16,244 BTC on Monday. These cryptos are worth nearly $600 million, following BTC‘s price at $36,320 during the time of writing. For the record, Grayscale alone bought 18 times more than Bitcoin miners could produce in a single day. About 144 blocks are mined every day on average. Hence, BTC miners can only produce 900 BTC on average every day.
More of these massive BTC purchases by Grayscale and other digital assets investment companies are likely to create a scarcity for the cryptocurrency – which is quite bullish in the long term. Meanwhile, Grayscale currently has a total of 632.8K BTC, with a market valuation of over $22 billion. The assets under management (AUM) now have a net valuation of $27.02 billion.
Institutions are closer
The increasing number of BTC purchases, and the growth of other Bitcoin funds from companies like 3iQ, suggests an active demand for the crypto amongst institutional investors. Besides, Arcane Research shared data on Monday, showing a spike in the number of Bitcoin whale addresses holding at least 1,000 Bitcoin.