2021-1-24 11:00 |
Bitcoin has seen some volatility over the past few weeks. The cryptocurrency has bounced between $30,000 and $40,000, even falling below the former level at one point in time in a move that scared bulls.
Unfazed by the recent market volatility, data shows that institutional players have been adding to their Bitcoin positions.
Grayscale adds Bitcoin positionsAccording to crypto data aggregator Bloqport, Grayscale Investments, a Wall Street digital asset manager, added BTC worth $118 million to its coffers over the past day. This adds to the $1 billion that Grayscale has bought for its clients over the past seven days.
This means that the company now has over $20 billion worth of the leading cryptocurrency under management, which is up by over seven percent in BTC terms over the past 30 days alone.
Grayscale adds 3,544 BTC over the past 24 hours, worth $118 million. Over the past 7 days, Grayscale has added 29,598 #Bitcoin worth close to $1 billion. pic.twitter.com/l0ATzaFSZo
— Bloqport (@Bloqport) January 22, 2021
Grayscale is adding these funds for its Grayscale Bitcoin Trust, which holds BTC for accredited investors, often including hedge funds and other institutional players that need exposure to this space.
More corporate money inbound?There may be even more corporate money inbound, though.
MicroStrategy’s Michael Saylor found that he will be hosting a digital conference that will allow executives from Corporate America to learn more about Bitcoin and how they can implement it into their businesses:
“We’re going to have thousands of executives, officers…directors, & advisors of corporations coming together in the first week of February. They all want to figure out how to plug #bitcoin into their balance sheet or their P&L…We’re going to open source it.”
It is unclear if Grayscale is the optimal method for investors in Corporate America or Wall Street to allocate capital into Bitcoin, as there are an increasing number of institutional service providers that can safely execute and custody BTC.
Grayscale’s alt fundsGrayscale is expected to add new funds soon for institutional players to obtain further exposure to altcoins.
This screenshot was shared below just recently, which shows filings indicating there have been documents signed and submitted for new Grayscale funds, including those for Chainlink (LINK), Tezos (XTZ), Basic Attention Token (BAT), Decentraland (MANA), and Filecoin (FIL).
Grayscale has incorporated six more trusts, including those tied to Chainlink $LINK, Tezos $XTZ, Basic Attention Token $BAT, Decentraland $MANA, and Filecoin $FIL https://t.co/G76fbpnwCA pic.twitter.com/qzO7Z6SRr3
— Bloqport (@Bloqport) January 22, 2021
Disclaimer: This author is an analyst at ParaFi Capital. ParaFi Capital may hold positions in assets mentioned in this article. The views displayed in this article are opinions of the author—and the author only.
The post Grayscale adds $120 million worth of Bitcoin to its coffers amid continued institutional interest appeared first on CryptoSlate.
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