Grayscale Buys $350 Million Bitcoin

Grayscale has bought $350 million worth of bitcoin during this dip according to their latest filing with the Securities and Exchanges Commission (SEC).

“The Trust issued 7,789,400 Shares… for an aggregate of 7,383.70073325 Bitcoins representing $352,176,132,” they say. “As a result, there are 691,906,200 Shares issued and outstanding as of February 22, 2021.”

That translates to about 690,000 bitcoin held in custody by the Grayscale Bitcoin Trust (GBTC).

The trust was somewhat quiet for a period after buying about $1 billion worth of bitcoin within a week in January.

During December they kept buying $500 million a week for much of the month, but slowed down in February.

However it looks like they’re now back to buying following a crash in bitcoin which went to as low as $44,800.

Bitcoin’s price has now somewhat recovered, trading at $51,000 at the time of writing after a recent high of $57,000.

Whether it will return to test that high remains to be seen, but it looks like sophisticated investors are now back to buying.

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