Grayscale Acquired $136.8 Million in Bitcoin Last Week as Institutions Continue to Embrace BTC

Monday 30 November 2020, 11:36 PM AEST - 1 month ago

Grayscale Acquired $136.8 Million in Bitcoin Last Week as Institutions Continue to Embrace BTCCover image via stock.adobe.com

According to the data from Bybt, during last week, Grayscale Investments fund acquired another 7,351 Bitcoins, worth a whopping $136,816,076.

This is happening as large institutional players are showing bigger interest in digital assets and Bitcoin in particular.

One of them is Count Guggenheim Partners LLC that considers allocating ten percent of its capital in Bitcoin via Grayscale.

Grayscale absorbs almost $140 mln in BTC in a week

Data shared by the Bitcoin futures trading platform Bybt says that over the past seven days, Grayscale Investments fund acquired another substantial amount of BTC – 7,351.

Over the past thirty days, the amount of Bitcoin gained by this major fund working with financial institutions totals slightly more than 55,000 BTC.

BTC

Image via Bybt

Just now, speaking to CNBCs Squawk Box host, Grayscale managing director Michael Sonnenshein stated that if the fund inflows at Grayscale are any indication of the type of players who are interested in Bitcoin now, then Bitcoin acquisition by institutions is just getting started.

Guggenheim Fund eyes putting 10% of its reserves in GBTC

Count Guggenheim Partners LLC considers acquiring Bitcoin-based shares offered by Grayscale - GBTC, according to a Bloomberg article.

The fund has approximately $5.3 billion under its management and it eyes putting ten percent of this amount into the flagship cryptocurrency, Bitcoin. Thats $500 million.

The companys filing, though, insists that Guggenheim wants to invest in Grayscale Bitcoin Trust shares in particular. No other option would suit it.

Except for its investment in GBTC, the Fund will not invest, directly or indirec ...

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