The latest data shows that Grayscale’s Bitcoin Trust now holds over 500,000 bitcoin, which surpasses $8.3 billion in value. The crypto fund manager now holds 2.69% of Bitcoin’s (BTC) outstanding supply and market capitalization, according to a November 16 post.
However, Chainalysis estimates that almost 3.7 million BTC has been lost. Thus, Grayscale might own almost 3.37% of BTC’s remaining circulating supply.
This fund manager is appealing to institutional investors that are ready to pay a premium to buy and hold crypto via the security of a regulated fund. Notably, shares in the Grayscale Bitcoin Trust are today representing $15.62 worth of Bitcoin each. But, they change hands for around $18.86. That price difference equates to almost a 19% premium. Grayscale reportedly charges a yearly fee of 2%.
Grayscale Bitcoin Trust now holds more than 500,000 $BTC. Yes, you read that right. Learn more about the world's largest #Bitcoin investment product. #GoGrayscale https://t.co/2sEpUdw8iN pic.twitter.com/9h8nGZ8i4t
— Grayscale (@Grayscale) November 16, 2021
In recent months, the Grayscale Bitcoin Trust has collected a lot of coins with the amount of BTC held by the fund surging by about 50% in the last six months. That is a sharp rise in 2021 for a fund that was launched seven years ago and indicates a possibility of snowballing institutional interest.
In the past week, the fund said that it had acquired its biggest-ever weekly in-flow collecting 15,907 BTC worth $215 million. Grayscale’s Ethereum Trust increased its rate of purchases in 2021, and it now holds about $1.175 billion worth of Ether, which translates to 2.24% of ETH’s entire capitalization.
Grayscale’s eight other crypto funds now manage almost $400 million worth of assets. It brings the total value of digital assets managed by the company to $9.9 million.