Bitcoin to the moon: GrayScale just bought BTC for half a billion

GrayScale bought more than $ 542 million worth of BitQT last week, the company said in a filing with the Securities and Exchanges Commission (SEC).

“Since the sales in the most recently filed latest report … the Trust has issued 24,779,500 shares … to selected ‘accredited investors’ in exempt private placement transactions … for a total of 23,559.18555570 bitcoins equal to $ 542,453,413” says GrayScale.

Grayscale buys Bitcoin for half a billion

GrayScale assets under management as of December 23rd

On Tuesday alone, 12,300 Bitcoins worth about $ 280 million were purchased, with the remaining approximately 11,200 bought between December 15 and 22.

That grand total of $ 540 million represents more than half of all purchases in the third quarter of the year, which the company said amounted to $ 1 billion.

That makes this a record-breaking week for Bitcoin purchases by GrayScale, around 5x more than the 6,300 bitcoins mined that week.

This indicates that the demand far exceeds the supply, and that of all things for this product traded on the OTC markets

There’s also Bitwise’s relaunched Crypto Index, which is 75% Bitcoin and has gained around $ 120 million in crypto assets since it launched on December 12th.

Additionally, there are all of the ETFs in Canada and the numerous ETPs in Europe, not to mention the many crypto exchanges around the world.

However, of the exchange-traded products, GrayScale is by far the largest with more than $ 16 billion in crypto under management.

They have accelerated the buying process week after week to where they are now: they are buying more in a week than they were in a month before – and interest among institutional investors is only growing.