Grayscale is going all out – While Bitcoin seems to consolidate, nothing seems to be able to stop Grayscale, this investment fund which, for several months, has been betting big on it. Also in this context, the company bought 16,244 bitcoins on January 19 for a total of around $ 560 million. We hit records… again!
Grayscale and its Bitcoin-focused strategy
Grayscale is the largest institutional player in the Bitcoin scene, with its $ 17.475 billion in BTC, far surpassing any other figure in the market. We can of course cite MicroStrategy : the software giant controls, for its part, 70,470 BTC ($ 2.06 billion) … but keeps them to himself!
Analysts predict that the increased demand for “new” bitcoin from miners will only serve to create a bidding war and push prices up. Under these conditions, institutions could have every interest in storing as much bitcoins as possible : a thorny question, on which more and more historical investors are taking a position . Grayscale , for its part, is no longer embarrassed: it is therefore the trifle of 16,244 bitcoins that were acquired on the single day of January 19 to cover the needs of its customers.
The arrival of new investors
Today, it’s not just venture capitalists looking to gain exposure to cryptocurrencies. The family offices and hedge funds are also interested in this new market, because of the many opportunities.
Bitcoin is much more mature today compared to 2017, when it set its old record around $ 20,000 before plunging again. Today, the sector tends to develop in a healthy way , while new holding and lending services are gradually emerging , which has the gift of attracting institutional investors.
According to several analysts, purchase flows from Grayscale would have strongly supported the meteoric rise of bitcoin in 2020. The number one crypto has reached a record high of $ 42,000, before undergoing a slight correction.