![\"Grayscale](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/09\/grayscale-investments-scooped-up-over-17000-btc-in-the-last-seven-days-768x432.jpg\")
<\/p>\n<\/p>\n
During the last seven days, Grayscale Investments purchased 17,100 BTC<\/a> or $182 million worth of bitcoin using today\u2019s exchange rates. The company\u2019s bitcoin position is now close to 450,000 BTC<\/a> worth roughly $4.7 billion.<\/strong><\/p>\n The Grayscale Bitcoin Trust (GBTC)<\/a> is a very popular investment vehicle and in 2020 the trust has obtained a massive amount of BTC<\/a>. Today, GBTC has $4.7 billion assets under management (AUM), according to data<\/a> provided by bybt.com. Grayscale\u2019s bitcoin position<\/a> is also displayed on the company website as well for transparency purposes.<\/p>\n Since the Grayscale Bitcoin Trust inception date on September 25, 2013, there are 471,022,700 shares outstanding and each share is worth 0.00095519 BTC<\/a> per share. This week, digital currency proponents noticed that Grayscale scooped up around 17,100 BTC<\/a> or $182 million using today\u2019s exchange rates.<\/p>\n Bybt.com\u2019s data shows the trust obtained the bitcoin stash<\/a> during the last seven days and GBTC\u2019s aggregate bitcoin position is now 449,900 BTC<\/a>.<\/p>\n Bitcoin (BTC)<\/a> markets have done well in recent days and dominance is nearing 60% again. The cryptocurrency\u2019s percentage change versus USD during the last year is up 29% and during the last 90-days, BTC<\/a> has gained over 16%.<\/p>\n With 449,900 BTC<\/a> held, Grayscale\u2019s Bitcoin Trust has 2.14% of the entire 21 million BTC<\/a> supply. As far as coins in circulation, BTC<\/a> just passed<\/a> the milestone of 18,500,000 in circulation. This means GBTC\u2019s purse represents 2.43% out of the BTC<\/a> currently in circulation.<\/p>\n No one knows exactly how Grayscale acquired the 17,100 BTC<\/a>, but Microstrategy\u2019s<\/a> CEO Michael Saylor explained<\/a> the efforts his company took to purchase the 16k BTC<\/a> Microstrategy recently purchased.<\/p>\n \u201cTo acquire 16,796 BTC<\/a>, we traded continuously 74 hours, executing 88,617 trades ~0.19 BTC<\/a> each [three] seconds,\u201d Saylor said. \u201c~$39,414 in BTC<\/a> per minute, but at all times we were ready to purchase $30-50 million in a few seconds if we got lucky with a 1-2% downward spike,\u201d Saylor added.<\/p>\n A number of BTC<\/a> proponents also believe that companies like Microstrategy and Grayscale\u2019s Bitcoin Trust snatching up vast amounts of BTC<\/a> is bullish for investors. CEO of UK bitcoin exchange Coincorner, Danny Scott, tweeted on Sunday that BTC<\/a>\u2019s \u201cfoundations are getting stronger by the day.\u201d<\/p>\n \u201c62 days of Bitcoin ending above $10,000,\u201d Scott tweeted<\/a>. \u201cPrevious was 61 from 1st Dec 2017.\u201d<\/p>\n What do you think about Grayscale scooping up 17,100 BTC<\/a> in the last seven days? Let us know in the comments section below. <\/strong><\/em><\/p>\n The post Grayscale Investments Scooped Up Over 17,000 BTC in the Last Seven Days<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n![\"Grayscale](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/09\/bybt_pro.png\" "\\"Grayscale")
<\/p>\n