Grayscale Investments Continues to Acquire Bitcoin, Adds $150 Million in a Single Day
Grayscale Investments, the world’s largest digital currency asset manager, continues to accumulate Bitcoin (BTC) at a rapid pace. On June 14, the company purchased over 6,000 BTC, valued at approximately $150 million at the time of purchase.
This latest acquisition brings Grayscale’s total Bitcoin holdings to over 643,000 BTC, worth approximately $24 billion. The company’s Bitcoin Trust (GBTC) is currently the largest publicly traded Bitcoin investment vehicle, with over $20 billion in assets under management.
Grayscale’s aggressive accumulation of Bitcoin has been driven by strong demand from institutional investors. The company has signed up over 500 institutional investors for its Bitcoin Trust, including hedge funds, pension funds, and endowments.
The influx of institutional capital into Bitcoin has been a major catalyst for the cryptocurrency’s recent surge in price. Bitcoin has more than doubled in value since the beginning of the year, reaching a record high of over $40,000 in January.
Grayscale’s continued accumulation of Bitcoin is a sign of the growing institutional adoption of cryptocurrencies. As more institutions allocate a portion of their portfolios to Bitcoin, the cryptocurrency’s price is likely to continue to rise.
Key Takeaways:
* Grayscale Investments purchased over 6,000 BTC on June 14, valued at approximately $150 million.
* Grayscale’s total Bitcoin holdings now exceed 643,000 BTC, worth approximately $24 billion.
* The influx of institutional capital into Bitcoin through Grayscale’s Bitcoin Trust has been a major driver of the cryptocurrency’s recent price surge.
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