Kevin Rooke reported that Grayscale Investment had increased its purchase rate of new Bitcoins mined after the halving event by 150%, which demonstrates an increased demand for the cryptocurrency.
$160.1 million of the $503.7 million raised during the first quarter of 2020 is the inflow from new investors. According to Grayscale, the source of 88% of the funds came from hedge funds and other institutional investments.
Fundstrat’s Tom Lee said that the price of Bitcoin could surge to $500,000 in the long term, but he failed to mention the exact timeline for such a pie-in-the-sky target to be achieved.
Grayscale has a record-breaking Q4 2019 while garnering $225 million in a single quarter. Grayscale says that 71% of its investments came from institutional players who are now showing interest in the company’s other crypto-based products.
Michael Novogratz’s crypto merchant bank Galaxy Digital is launching two Bitcoin (BTC) funds, targeting people between the ages of 50 and 80. The new funds aim to bring “the wealth of America.”
Coinbase Custody will serve as the custodian for Grayscale’s single-asset investment products including digital currencies and publicly listed funds such as Grayscale Bitcoin Trust, Grayscale Ethereum Trust, and Grayscale Ethereum Classic Trust.
Just recently, Grayscale investments reported a record all-time high volume of assets under management. Grayscale’s assets under management now is worth approximately $2.7 billion.
Grayscale Investments’ Bitcoin Trust generates an appreciation YTD of 296%. This is an elevating growth as compared with established investments displayed in the Global Dow (12.9%) and S&P 500 (18.7%) over an equal time frame.
Bitcoin has gone through a mild decline throughout the past 24 hours, losing about $200 of its value. However, the Grayscale Bitcoin Trust (GBTC) still trades at $11.44 per share, putting the price of Bitcoin upwards of $11,600.