Grayscale Bitcoin Trust (GBTC) Acquire More Than 17,000 BTC
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Grayscale Bitcoin Trust (GBTC) Acquire More Than 17,000 BTC

September 28, 2020      Jyoti Singh

In these past seven days, Grayscale Bitcoin Trust (GBTC) used the exchange rate of recent times to purchase 17,100 bitcoin worth $182 million. After the recent acquirement, the bitcoin position of Grayscale has reached near 450,000 BTC which is worth around $4.7 billion.

GBTC, the most popular investment vehicle in the crypto market, has purchased a huge amount of BTC in the year 2020. 

GBTC Being Transparent

Bybt.com recently published data indicating that to date, GBTC has acquired BTC worth $4.7 billion.

Soon after gaining such a massive amount of BTC, Grayscale revealed its Bitcoin position on its website, in order to offer a transparent service to its customers.

Since September 25, 2013, the day when GBTC was started, it has 471,022,700 outstanding shares and the price of each share is 0.00095519 BTC. 

According to Bitcoin enthusiasts, since the past seven days, Grayscale has been using today’s exchange rates, in order to acquire BTC. The proponents have noticed that currently, the BTC investment on Grayscale has increased, which means the investment firm has purchased around 17,100 BTC.

Trust Aggregate Bitcoin Position 449,900 BTC

The data released by bybt.com displayed that after buying a bitcoin stash in the past seven days, the aggregate bitcoin position of GBTC has reached 449,900 BTC.

As per the report, presently, Bitcoin is not only doing well in the market but also has gained its dominance back, which is around 60 percent. 

In the year 2019, compared to USD, the percent of cryptocurrency was higher by 29 percent. However, in the past 90-days, the percentage of BTC alone is up by more than 16 percent. 

It is to be noted that out of 21 million BTC supply, GBTC has 2.14 percent of it now. Recently, the BTC has cleared the milestone in circulation as it reaches 18,500,000 and out of that 2.43 percent of circulation belongs to GBTC.

A few days ago, Microstrategy also acquired 16,000 BTC and recently, while talking about the effort company made in buying it, the CEO Michael Saylor, stated, “To acquire 16,796 BTC, we traded continuously 74 hours, executing 88,617 trades ~0.19 BTC each [three] seconds.”

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#Bitcoin position #Bybt.com #Grayscale #Grayscale Bitcoin Trust (GBTC) #MicroStrategy #USD
Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.