RATE Group | Grayscale Bitcoin Trust Buys Over 1.5 Times Total BTC Mined Since Halving
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Grayscale Bitcoin Trust Buys Over 1.5 Times Total BTC Mined Since Halving

01 Jun Grayscale Bitcoin Trust Buys Over 1.5 Times Total BTC Mined Since Halving

Posted at 06:02h in Bitcoin News by

Grayscale Bitcoin Trust Buys Over 1.5 Times Total BTC Mined Since Halving

Grayscale Investments has purchased more than 1.5 times the number of bitcoins mined since the third Bitcoin halving for its bitcoin trust. This indicates that there is a strong institutional demand for the cryptocurrency, which is expected to grow significantly post the coronavirus crisis.

GBTC Buys 1.5 Times the Amount of Bitcoin Mined After Halving

Grayscale Bitcoin Trust (GBTC) has been racking up the number of BTC it has purchased since the third Bitcoin halving. Between May 12 and May 18, the week following the halving, Grayscale Bitcoin Trust acquired 12,021.15320371 bitcoins representing $112,336,936, according to Grayscale Investments’ filing with the U.S. Securities and Exchange Commission (SEC).

The following week, from May 19 to May 26, the trust aggregated 6,889.32628892 bitcoins representing $65,231,657. During the two-week period, Grayscale Investments bought a total of 18,910.47949263 bitcoins. Analyst Kevin Rooke tweeted on Wednesday:

Grayscale’s Bitcoin Trust…

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