Stock vehicle $GBTC, aka the grayscale Bitcoin investment trust, holds 230,000 Bitcoin that can be owned by proxy on the stock market.
Well, they held 230,000 Bitcoin until last week, when they announced they were opening the fund for more investment. They are purchasing more Bitcoin to expand the trust, and allowing institutional investors to chip in money to buy new Bitcoin shares.
https://grayscale.co/bitcoin-trust/
In the past week, they have purchased an additional 11,000 Bitcoin (represented by another 11,000,000 shares, or 110 million dollars). These are cold storage Bitcoin held by Xapo, never to see the light of day again. Off the exchanges, out of day traders' reach.
Who know how much more buying is going on with other institutions that aren't so transparent?
If you want your own Bitcoin, lay your claim now and get it off the exchange. Big businesses are coming for your coins!
Edit: they bought another 1000 Bitcoin since I made this post. Up to $120 million!
[link] [comments]
Comments
Post a Comment