Grayscale Gobbles Up Another 17,000 BTC – Bitcoin Scarcity Increasing // Crypto News Update
Grayscale Investments bought an additional 17,000 BTC
The investment company acquired another 17,000 BTC
MicroStrategy among the five largest Bitcoin holders
Investors are buying up limited assets
Investment company Grayscale Investments has increased its bitcoin reserve and now owns 449 thousand coins for a total value of over $ 4 billion.
Institutionals buy bitcoins
Grayscale Investments, a cryptocurrency and traditional investing company, has completed the acquisition of another 17,100 BTC.
This is evidenced by the data of the transaction tracker of the Bybit exchange, where the purchase was made.
At the moment, the company owns 449 thousand bitcoins, which is 2.14% of all existing coins. After completing the purchase, Grayscale Investments became one of the five largest institutional investors who own the cryptocurrency.
Despite the acquisition of bitcoins, the company’s shares remained at the same level and are traded today at a price of $ 11.23 per share..
Inflation protection or purchase of a limited asset
Recall that earlier the MicroStrategy company announced the acquisition of a record number of bitcoins for a total of $ 175 million.
In August, the company reported its acquisition of 21,454 BTC for a combined value of $ 250 million..
These purchases are made in full accordance with the investment strategy of the firm, which considers Bitcoin to be a reliable store of value and an attractive asset for investment. Company CEO Michael Sailor also noted:
We have acquired a total of 38,250 bitcoins for $ 425 million to date, including all fees and costs..
The acquisition of the cryptocurrency pushed the company’s stock to annual highs. MicroStrategy’s stock prices jumped 12% after the company announced the purchase of 17,000.
According to Marketwatch, today the value of a common share of the company is $ 176, which is the highest price in the last year..
Investors are counting on a further rise in the price of the asset due to the limited volume of issue. According to some forecasts, the cost of one coin may exceed $ 1 million.
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