Hours After Opening Up, GrayScale Buys $80 Million Bitcoin – Trustnodes

Hours After Opening Up, GrayScale Buys $80 Million Bitcoin

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GrayScale bitcoin purchases, Jan 2021

GrayScale has just reopened to new investors after a brief pause before Christmas with the bitcoin stock trading provider back in bussiness.

Within hours of opening, the GrayScale Bitcoin Trust (GBTC) bought 2,170 bitcoin this Wednesday.

Data shows GBTC held 606,640 bitcoin on Tuesday. That increased to 608,810 bitcoin as of yesterday as pictured above.

Following a New Year cool down, institutional investors are back with GBTC now handling about half a billion in trading volumes a day.

Their bitcoin assets under management are nearing $21 billion, the company said, with total assets at close to $25 billion.

Prior to closing off, GrayScale was buying half a billion bitcoin a week, a huge increase over the third quarter.

This $80 million purchase within hours suggests they’re inline for another half a billion purchase this week, with the week for GrayScale running from Tuesday to Tuesday.

That seems to have somewhat affected bitcoin’s price which is now back again to near $40,000 with a number of institutional investors stating they’ll enter the bitcoin space through GrayScale.