While there are many blockchain and cryptocurrency companies that are trying to reorganize under the bear market, there is one investment fund that has been quietly accumulating Bitcoin. The Grayscale Investment Trust now owns over 200,000 of the 17.5 million mined Bitcoin, meaning that they are holding about 1% of the total circulating supply of Bitcoin.
The company markets itself on its website as “a bold opportunity in the era of digital gold”. According to Blockchain.com, there is about 17.5 million Bitcoin in circulation, meaning that Grayscale actually owns more than 1% of the circulating supply. Apparently, Grayscale purchased an additional 30,000 Bitcoin in 2018.
Michael Sonnenshein, the managing director at Grayscale, was recently interviewed at the Wharton Alternative Investments Initiative, where he spoke on the company’s strategy in-depth. Sonnenshein pointed out that the Grayscale Investment Trust now has principal positions “primarily in Bitcoin, Ethereum Classic (ETC), and ZCash (ZEC)”, and also stated that they typically stay away from initial coin offerings (ICOs).
As of press time, Grayscale’s Bitcoin holdings are worth over $795 million.Leave a comment