Grayscale

Grayscale Buys $1 Billion Bitcoin in the Last 24 Hours

One of the highest buyers of Bitcoin, Grayscale, has once again pumped a great deal of cash to buy its ever prioritized crypto asset, Bitcoin, in a deal that is worth almost $1 billion, within the last 24 hours.

Alongside Bitcoin, the firm also purchased a huge amount of other crypto assets that just got recently added to their holding, such as BAT, LINK, LPT, XLM, Litecoin, ETH and FIL.

According to Grayscale’s twitter handle, as of 9, April, 2021, the company holdings stand at a cumulative of $46.1 billion against its previous day store value of $45.1 billion.

The last time the company added nearly $1 billion to its assets under management was during the second quarter of 2020, which pulled its total investment on all cryptos to $2.6 billion from $1.4 billion, then it offered only 10 cryptocurrencies in its crypto-backed trust funds. Over 80% of the addition was attributed to institutional investors.

However, the most interesting news emanating from Grayscale is the plan by the company to convert its Bitcoin-backed trust into an ETF based on BTC.

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