Grayscale raises $120m worth of bitcoin

Bullish: Grayscale raises $120m worth of bitcoin – institutional interest growing

Bitcoin has seen immense volatility in recent weeks. The cryptocurrency has fluctuated between $30,000 and $40,000 and at one point even dropped below the former level, spooking the bulls.

Undeterred by the recent market volatility, however, the data shows that institutional players have been adding to their bitcoin positions.

Grayscale adds bitcoin positions

According to crypto data aggregator Bloqport, Grayscale Investments, a Wall Street digital asset manager, bought $118 million worth of BTC over the course of one day. This is in addition Bitcoin Revolution to the $1 billion worth of BTC Grayscale has bought for its clients over the past seven days.

This means that the company now has over $20 billion of the leading cryptocurrency under management, an increase of over seven per cent in BTC in the last 30 days alone.

Grayscale adds 3,544 BTC over the past 24 hours, worth $118 million. Over the past 7 days, Grayscale has added 29,598 #Bitcoin worth close to $1 billion. pic.twitter.com/l0ATzaFSZo
– Bloqport (@Bloqport) January 22, 2021

Grayscale is adding these funds for its Grayscale Bitcoin Trust, which holds BTC for accredited investors, which often include hedge funds and other institutional players that need exposure to the space.

More corporate money on the way?

But there could be more money coming from corporates.

MicroStrategy’s Michael Saylor says he will be hosting a digital conference that will allow corporate America executives to learn more about Bitcoin and how they can implement it into their businesses. Saylor:

„We’re going to have thousands of corporate executives, boards, directors and advisors coming together in the first week of February. They all want to figure out how to incorporate #bitcoin into their balance sheet or their P&L…We’re going to make it open source.“

It’s unclear whether Grayscale is the optimal way for investors in Corporate America or Wall Street to put capital into bitcoin, as there are a growing number of institutional service providers that can safely execute and hold BTC (Go to Buy Bitcoin at eToro guide)

Grayscale’s altcoin fund

Grayscale is expected to soon add new funds for institutional players to gain further exposure to altcoins.

The screenshot below was shared recently. It shows submissions suggesting that new Grayscale funds will be launched, including for Chainlink (LINK), Tezos (XTZ), Basic Attention Token (BAT), Decentraland (MANA), and Filecoin (FIL).

Grayscale has incorporated six more trusts, including those tied to Chainlink $LINK, Tezos $XTZ, Basic Attention Token $BAT, Decentraland $MANA, and Filecoin $FIL https://t.co/G76fbpnwCA pic.twitter.com/qzO7Z6SRr3
– Bloqport (@Bloqport) January 22, 2021