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Grayscale Trust has the largest weekly influx in history, holding nearly 500,000 Bitcoin in total

November 4, 2020

Everything points to it Grayscale’s Bitcoin (BTC) Trust will hit 500,000 BTC by the end of 2020.

Last week, Grayscale filed a record $ 215 million listing (15,907 BTC), which outperformed all previous investments in the fund. The company has $ 6.7 billion (481,711 BTC) at press time.

If the company continues last month’s growth rate of 32,000 BTC, Grayscale will have 500,000 BTC (2.7% of circulating supply) in three weeks. If the rate is constant, Grayscale could control 926,600 BTC by the end of next year, which is 5% of the current total supply of Bitcoin.

Bitcoin Trust Investments by Grayscale for 2020. Source: Grain of salt
Grayscale Trust has the largest weekly influx in history, holding nearly 500,000 Bitcoin in total
Grayscale Trust has the largest weekly influx in history, holding nearly 500,000 Bitcoin in total

Founded in September 2013, the fund has seen explosive growth this year. Assets under management (AUM) increased from $ 1.9 billion to $ 4.7 billion in the first nine months of 2020. Since Grayscale’s Q3 report, the Bitcoin fund’s AUM has grown another $ 2 billion.

Almost 70% of Grayscale’s total weekly entries have been invested in the Bitcoin Trust for the past three quarters. Bitcoin Trust’s 12-month average of weekly entries rose from $ 39.5 million to over $ 55 million in the third quarter84% of this came from institutional investors.

Last week, Grayscale released its second Bitcoin investor study in which the company found this U.S. investors interested in investing in BTC had grown from 36% in 2019 to 55% in 2020.

Grayscale has way more Bitcoin than any other publicly traded company (Though a fund is not directly comparable to a company that has BTC as reserve assets). As of October 13, the remaining 12 companies collectively own approximately 150,000 BTC with notable holdings in Microstrategy (38,250 BTC), Mike Novogratz’s Galaxy Digital (16,551 BTC), and Jack Dorsey’s Square (4,709 BTC).

It’s not just @Square, in 2020 more than 10 public companies invested in Bitcoin, with a total value of more than $ 6 billion, which equates to nearly 600,000 BTC.

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