GrayScale Bought $300 Million Bitcoin

GrayScale Bought $300 Million Bitcoin

The only stock traded bitcoin product in the United States has announced they bought another nearly $300 million worth of bitcoin.

GrayScale said in their latest filing for the Bitcoin Trust that they issued 15,334,000 shares for 14,591.89670379 bitcoins, representing $280,362,832.

That brings their total bitcoin holdings to 579,443,000 shares issued and outstanding as of December 8, 2020.

GrayScale thus now has more than 550,000 bitcoins in custody, worth over $10 billion at the current price.

That makes it one of the biggest bitcoin custodian in the world with the company seeing far more inflows than all the other crypto stock products combined.

GrayScale brought in $340 million for bitcoin and eth, while all stock products combined brought in $429 million last week.

That’s the second highest in record as 401ks and pension portfolios get to tap into stock traded bitcoin and eth.

For GrayScale, their bitcoin purchases have doubled over the previous week, up from 7,219.05878695 bitcoins representing $131,295,896 as of December 1st.

However after years of launch since 2014, their stock is still at premium, representing 0.001 BTC at $20 per share currently, giving it a bitcoin price of $20,000.

On global exchanges it is currently at support, trading for $18,200, giving the bitcoin trust (GBTC) a $2,000 premium.

On the other hand there are potential tax advantages in investing this way with England for example having tax free Stocks and Shares ISAs up to £12,000.

So increasing demand for this product that is now rising to become a significant gateway to bitcoin.

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