• Tue. Dec 5th, 2023

Grayscale Bitcoin Trust Swells up To around $50 Billion as New Installments are Added to the Trust

Hassan Mehmood

ByHassan Mehmood

Apr 12, 2021

Grayscale is notably the largest known Bitcoin holder in the world. The investment platform is dedicated to cryptocurrencies and their derivatives for providing asset management services to its benefactors. A few months ago, the fund announced the adoption of the top select digital assets for setting up trusts. At the moment, Bitcoin makes up for the largest crypto trusts that are owned by Grayscale. 

The investment giant took to Twitter for announcing its latest Bitcoin shopping spree. A recent tweet by @Grayscale mentions that it has added another installment of $1 billion Bitcoins to its BTC holdings. The current addition in 24 hours has raised the asset under management (AUM) to $46.1 billion. 

More Cryptocurrency Tokens are Added to Grayscale

The latest $1 billion addition of Grayscale was announced immediately after the declaration of adding more cryptocurrencies to the digital asset management firm. Michael Sonnenshein, CEO of Grayscale, told the media that there had been consistent demands from the stakeholders and investors to bring more diversity to the trust, and the demand keeps growing as time passes.

The congregated AUM distribution of Grayscale is $38.1 billion in Grayscale Bitcoin Trust (GBTC), $6.6 billion to Grayscale Ethereum Trust (ETHE), and reminder in Bitcoin Cash, Litecoin, and other altcoins owned by the institution. Very recently, Grayscale has decided to add five altcoins, namely Filecoin, Livepeer, MANA, LINK, and Basic Attention Token. This addition has made the total portfolio of the company 14 unique digital assets.

Grayscale could be the first Bitcoin- ETF in the United States

The investment giant and biggest holder of Bitcoin in the world, Grayscale, filed for Bitcoin ETF with SEC. The Securities and Exchange Commission has rejected the first proposition for the time being. However, it marks the point of no return for Grayscale. The firm has been aligned with the US regulations at every point and educating its investors about the ambition to turn GBTC into a Bitcoin-pegged ETF.

On several occasions, the firm has mentioned that it would keep trying to get approval and wait for the best regulation environment for a digital currency ETF in the United States. Grayscale is the largest and most sought-after digital asset manager for accredited investors who are seeking exposure in cryptocurrencies. The latest Bitcoin purchases have pushed the recently added five altcoins listings at Grayscale to a bullish wave. 

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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