Grayscale Investment, a company managing digital assets, is not slowing down and is buying more and more Bitcoins. According to recent reports, 60,000 Bitcoins fell into Grayscale’s “pocket” within 100 days. Institutional clients are increasingly leaning to invest in cryptocurrencies.
60,000 BTC in 100 days!
Even before halving, Grayscale did a lot of shopping, and the vast majority of analysts shared the view that we could expect a mass sale after halving. However, created in 2013, the cryptocurrency asset management company is not slowing down.
Over the past 100 days, Grayscale has bought back 33% of all Bitcoins mined at that time! Today’s report, published by Kevin Rooke, reveals data according to which the company has bought 18,910 BTC since halving. It is worth mentioning that the number of excavated Bitcoins since May 11 is 12,337.
The vast majority of clients, Grayscale, are institutional investors who prefer to pay 21% more for Bitcoin shares and not worry about BTC storage and management.
If the exchange rate of the oldest cryptocurrency will rise, it will certainly attract the attention of other institutions that are looking for long-term investments in such a special period.
At the time of writing, the Bitcoin price has returned above USD 9,400.
Impressive first quarter of 2020
In the first quarter of 2020, Grayscale recorded revenues of $ 500 million, which is a 100% increase over the previous quarter. Given the current state of global economies affected by the COVID-19 crisis, the numbers presented are impressive.
80% of the company’s customers, i.e. the vast majority, decided to buy Bitcoin. Other Ethereum (ETH) cryptocurrency assets were also very popular.
Just over the past year, total revenues from all products offered by the company have exceeded USD 1 billion. On the other hand, the cumulated amount of investment since the company was founded increased to USD 1.68 billion.
Although interest in Bitcoin shown by institutional clients is growing every year, the largest demographic group buying BTC is still made up of retail investors and millennials.
In addition to data from Grayscale, positive indicators are coming from Revolut fintech, which has recently seen a 68% increase in cryptocurrency trading. A comprehensive article on this topic can be found on our portal. If you belong to a group of retail investors and you are looking for the right place to buy your BTC, use the fast, easy to use and secure Bitcoin Exchange available on our website.
If you are interested in buying other cryptocurrencies than Bitcoin, you can buy them on the best * Polish BitBay.net cryptocurrency exchange.
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