Grayscale Purchases $3.1 Billion Worth of Crypto

Between March 26 and 29, an affiliate company of the Digital Currency Group owned by Barry Silbert, called Grayscale Investment acquired $3.1 billion worth of Bitcoin and other digital assets. This stunning purchase comes as no surprise with Grayscale’s track record of purchasing the leading crypto asset.
As of March 26, Grayscale held $41 billion in digital currency, then over the weekend, the trust acquired the additional $3.1 billion, bringing them to a grand total of $44 billion by March 29. Due to the recent dip in price of BTC, its leading GBTC premium has been trading at a negative, meanwhile its value now stands around $37.3 billion.

Initially known as the Bitcoin Investment Trust, Grayscale Investment was launched in 2013, as a way for investors to be exposed to the burgeoning crypto industry, this was carried out through an open-ended and private trust fund that holds about 3.1% of the world’s Bitcoin supply in circulation.

Currently, the company holds around 13 cryptocurrencies in different trusts, including flagship coins like Stellar, Ethereum and Bitcoin. However, recently, the investment company has started picking up well known altcoins as its recent purchase demonstrates.
Grayscale’s attempts to increase its digital assets holdings is only an extension of its parent group’s growth; Digital Currency Group, have invested in crypto assets like Basic Attention Token (BAT), MANA and Chainlink (LINK) too. It is also an indication of the increased demand by clients of the company who have been demanding for more exposure to crypto products of the company. Notably, the company is rumored to be working on its own Bitcoin ETF too.
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