Grayscale buys nearly $140 million in BTC – in 24 hours

Companies in Bitcoin fever: Grayscale buys nearly $140 million in BTC – in 24 hours

  • Grayscale, a digital currency management company, now holds $10 billion in BTC.
  • The company purchased over 7,100 BTC on 4 December, which it holds on behalf of clients and investors.
  • The purchase represents almost eight times the amount of Bitcoins that was mined yesterday.

Digital asset manager Grayscale has added a further $140 million worth of Bitcoin to its Bitcoin Trust portfolio within the last 24 hours.

Grayscale made the purchase of 7,188 Bitcoins in just one day. This confirms the Crowd Billionaire continued institutional interest in the Bitcoin offering.

Last month, the company added a whopping 64,832 BTCs worth over $1.2 billion in total. The miners generated only 27,881 BTC in the whole of November, which is only half of the Bitcoins that Grayscale bought during the month. It is obvious how massive and influential Grayscale is as a crypto-company.

Who is Grayscale?

As a custodian of digital assets, focusing primarily on Bitcoin, Grayscale is making these massive BTC purchases as its customers continue to request additional exhibits.

The picture becomes clearer when one considers a few key announcements. Hundreds of millions of dollars of BTC purchases from public companies are just the beginning.

There are now regulated crypto-indices on Wall Street and the integration of the use of crypto-currencies in globally dominant financial services such as PayPal. This makes it easy to get a more comprehensive picture of what mainstream and institutional organisations think about Bitcoin in the long term – and how the price might tend to evolve.

It remains interesting to see how Grayscale’s purchases of Bitcoin in December compared to November. Now that Bitcoin continues to approach its all-time high.