Grayscale purchases 80 percent of Litecoin mined in February


TL;DR Breakdown

  • Grayscale purchases 174,000 LTC.
  • Despite high LTC purchase, firm yet to meet crypto demand.

Crypto management firm, Grayscale Insurance according to data from Bybt, purchased 174,000 Litecoin, which accounts for 80 percent of the Litecoin mined in February. The crypto management firm now holds 1.44 million LTC, which worth $248.3 million. Litecoin is now the third-largest crypto held by Grayscale investment after BTC and ETH.

Grayscale is one of the few accredited firms in the US that enables accredited and institutional investors to purchase cryptos. It provides nine crypto-based trusts available as a subscription and a tradable share on the Over The Counter (OTC) market. While the crypto management firm continues to bring more institutional investors into the crypto fold, the firm is also investing high in LTC.

The supply of Litecoin increased last month, with miners mining 201,600 Litecoin in 28 days. As the supply increased, the crypto management firm customers were on the other end, picking most of the coins. The crypto management’s Litecoin Trust (LTCN) in the last 30 days acquired 174,900 Litecoin.

It is worth noting that the crypto management firm also invests in many other coins outside BTC, ETH, and LTC. they hold BCH, Horizen, Stellar Lumens, and Zcash. Their assets are mostly stored offline in a Coinbase cold wallet.

Despite Grayscale high purchase, LTC demand still high

After purchasing 80 percent of the coin mined last month, Grayscale’s infamous “premium” shows Litecoin demand is unmatched. According to the firm’s prospectus, each LTCN share contains just $15.70 worth of the cryptocurrency, while the share itself trades at $304.99 on the open market.

It indicates a premium of over 1,842.61 percent, which investors pay to gain exposure to Litecoin via a regulated and secure fund without the hassle of managing private keys.

Litecoin at press time trades at $180.70, according to CoinGecko. The number eight cryptocurrency has surged by 3.8 percent and has a $3,701 billion trade volume in the last 24 hours. This holding is widely said to be a good investment for Grayscale.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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