Digital asset management firm Grayscale Investments now holds over 500,000 BTC in its Bitcoin Trust, the company announced on Nov. 16.
- The total holdings is worth roughly $8.35 billion or 2.69% of the total Bitcoin supply; the firm almost doubled its Bitcoin holding in the last 6 months
- The firm has added roughly 50,000 BTC between now and Sep. 29, when it owned 450,000 BTC
- Grayscale’ Ethereum Trust has also had a strong 2020, with the firm revealing that its total Ethereum under management is over $1 billion on Nov. 6
- In total, the 7 year old firm manages nearly $10 billion worth of cryptocurrencies
- In a bid to win over institutional investors, Grayscale has been taking stringent steps to meet compliance, including making its Ethereum Trust an SEC reporting company
- The strong performance of Grayscale’s products is accompanied by rising investor interest, the firm reported on Oct. 29 2020 that over half of US investors were interested in Bitcoin
- Gemini co-founder Tyler Winklevoss has concurred with Grayscale’s report, saying that he expects a “tsunami” of investors to join the market