Grayscale Bitcoin Trust Grows 90% in 2020

The company buys up to 280% of all mined Bitcoin. In the first half of 2020, it attracted $ 1.4 billion in investments.
The volume of Grayscale Investments’ cryptocurrency trust – Bitcoin Trust (GBTC) – grew by 90% in 2020. In a quarterly report, which the company sent to the US SEC, it is said that the value of assets under the trust has grown from 1.87 B USD in 2019 to 3.5 B USD by the end of the second quarter of 2020.
Last November, Grayscale applied to register its bitcoin trust with the SEC. At the beginning of the year, the Commission approved the company’s request – now Grayscale is required to file reports on investment activities of GBTC clients on Form 10-K.
According to the report, in the second quarter of 2020, the amount of BTC in GBTC has increased by 125,531BTC and reached 387,000BTC. The value of assets managed by the trust increased by 1.15 B USD (at spot price as of June 30, 2020). Further growth was provided by the rise in Bitcoin’s price: from December 2019 to the end of the second quarter of 2020, the value of the asset increased by almost $ 2 thousand.
Earlier, Grayscale stated that the second quarter of 2020 was the most successful in the history of the company. During these three months, it managed to attract 906M USD from investors (with 751M USD coming from GBTC). Taking into account the fact that Grayscale raised $ 500 million in the first quarter of the year, the volume of funds, which the company attracted within half a year reached 1.4 billion USD.
Grayscale Bitcoin Trust is the largest cryptocurrency fund on the market. According to data published on the company’s website, GBTC currently manages assets worth more than $ 4.7 billion (approximately 406,107 BTC).
In the course of the past year, Grayscale acquired a third of the mined BTC for its trust, and its appetite only increased even more. If before the May halving, the company bought half of all mined BTC, then after the mining reward was reduced, Grayscale increased investments in Bitcoin. Now the fund is buying up to 280% of all mined coins.

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