GrayScale Bought $1.3 Billion Bitcoin

GrayScale has had its most successful week yet, buying close to $1.3 billion bitcoin, up considerably from $500 million a week during December.

“The Trust issued 37,036,200 Shares… for an aggregate of 35,159.01978857 Bitcoins representing $1,276,147,151,” they said. “As a result, there are 675,942,800 Shares issued and outstanding as of January 20, 2021,” with each share worth 0.001 bitcoin.

That makes this one of the biggest bitcoin holder on behalf of sophisticated investors who appear to be increasing their position.

That is shown also by bitcoin addresses with more than 1,000 BTC which have seen an increase, suggesting smart money is accumulating.

Soon they might be doing so on an ETF as the new SEC chair, Gary Gensler, is widely considered to be friendly to cryptos.

While the new Treasury Secretary, Janet Yellen, said it is “important we consider the benefits of cryptocurrencies and other digital assets, and the potential they have to improve the efficiency of the financial system.”

Meanwhile the bitcoin ETF in Canada nears $1 billion, with Europe’s Xetra stock exchange seeing some $600 million in bitcoin assets traded there.

All of it so opening the way for more traditional investors to enter the space, with GrayScale leading so far at an accelerating speed.