Grayscale Buys 995 BTC And 10,234 LTC in 24 Hours

Grayscale buys 995 BTC and 10,234 LTC in 24 hours.

TL;DR Breakdown

  • Grayscale now owns over 40,000 BTCs with its recent purchase of 995 more units.
  • The crypto investment management is also looking to increase its investment offering by purchasing other crypto assets.

A top digital asset investment company, Grayscale Investments, has continued its massive purchase of crypto assets this year as it has completed the purchase of 995 BTCs that are worth over $30 million. Not only that, but the firm also purchased over 10,000 units of Litecoins and Ethereum Classics each during the same period.

Grayscale continues to purchase more Bitcoin

According to data released by a crypto analytic firm, Bybt.com, Grayscale appears to be increasing its hold of altcoins with its most recent purchases. The analytic site made it known that the investment behemoth also purchased over 1799 Bitcoin Cash one day.

The firm now has a crypto asset under management value of over $25 billion, with Bitcoin enjoying the lion’s share of its holding. The firm holds at least 640,000 BTCs for its retinue of investors, which equates to over $21 billion. In the last 30 days, the firm had successfully purchased close to 40,000 BTCs.

All of this points to the fact that institutional demand for Bitcoin is not waning; instead, there has been a significant rise since the beginning of this year. According to Grayscale’s Q4 report, 90% of inflows could be traced to institutions that have started investing in the asset.

The firm is also beginning to look at other crypto assets.

Reports emerging from different sources have shown that Grayscale has begun to actively look at altcoins to expand its investment offering due to the increased demand for these assets.

Since some of these other coins have performed admirably since the turn of the year, the investment company has scaled up its purchase of these assets to provide more investment opportunities for investors. In the last 30 days, the firm has bought almost 100,000 Litecoins, and it also has purchased over 17,000 Bitcoin Cash within the same period.

However, in the last 24 hours, the firm dropped 600 ETH from its Ethereum holdings.

 

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