Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.
17,000 BTC is equivalent to $182 million based on the current price of Bitcoin, which is now still below $11,000.
Since Grayscale Investments established its Bitcoin Trust in 2013, the company has systematically increased its holdings of the digital currency. In the past 7 days, the Grayscale Bitcoin Trust acquired another 17,000 BTC which was added to the company’s assets under management (AUM). This brings the firms total bitcoin holdings to 45,000. This is equivalent to $4.7 billion by today’s market value.
According to a recent report by bybt.com, the company is keeping everything transparent and had continued to display its BTC holdings on its website.
17,000 BTC is equivalent to $182 million based on the recent price of Bitcoin. Grayscale has 471 million outstanding shares in BTC with each of these shares sold at 0.00095519 BTC.
The recent market performance has given a boost to investor confidence in digital assets, especially Bitcoin which has increased its dominance of the coin market by 29% presently commanding 60%.
“To acquire 16,796 BTC, we traded continuously 74 hours, executing 88,617 trades ~0.19 BTC each [three] seconds, ~$39,414 in BTC per minute, but at all times we were ready to purchase $30-50 million in a few seconds if we got lucky with a 1-2% downward spike.”
Bitcoin which retracted from $12,000 in the past several days is currently trading above $10,000 which has proven a solid support for the asset. It is apparent that the rate at which Bitcoin trusts are scooping up the digital currency would contribute to the present bullish sentiments of the market. This view was explained by Danny Scott, the CEO of Coincorner, the UK-based Bitcoin exchange who tweeted that these trusts are getting stronger over time.
He added that the fact that Bitcoin has traded over $10,000 for 62 days is remarkable, stating in his tweet that since 2017, the asset has lasted above that vale for 61 days.