Top crypto investment firm, Grayscale Investment, made a purchase of 170,000 units of Litecoin in February which translates to 80% of all Litecoin mined during the month. This was made known by a crypto analytic site, Bybt, which recently released the data.
According to the data, Grayscale now holds over a million units of the ninth-largest crypto asset by market cap. This makes LTC the third-largest digital token held by the investment company behind the two largest crypto assets by market cap, Bitcoin and Ethereum.
Interestingly, only 201,600 units of Litecoin were mined within the 28 days period and the crypto management’s Litecoin Trust (LTCN) in the last 30 days acquired 174,900 of those coins.
The company had earlier declared its intention to diversify its portfolio due to the increased demands from investors for more exposure to different crypto products. Currently, the firm holds the distinction of being one of the few accredited firms in the US that enables accredited and institutional investors to purchase cryptos. Its Bitcoin Trust Fund is the largest in the world with over 600,000 units of BTC. Its other portfolios include that of Ethereum, Bitcoin Cash and a host of other cryptocurrencies.
Lately, LTC has been performing admirably in the crypto market. In the last 24 hours, its value has increased by 3.8% and its trade volume stands around $3.704 billion. Presently, its price is hovering around the $180 mark which indicates that the demand for the asset is also quite high.