Grayscale Buys $255 Million Bitcoin

Grayscale has announced they bought 7,756 bitcoin, worth more than $255 million, in their latest filing with the Securities and Exchanges Commission (SEC).

They Grayscale Bitcoin Trust (GBTC) said they issued another 8 million shares with each worth just under 0.001 bitcoin.

So bringing their total shares to 684,116,800, or nearing 700,000 bitcoin held by the publicly traded trust on OTCMarkets.

They allow accredited investors, people with an income of more than $100,000 a year, to issue these shares at the market value of bitcoin’s price.

After holding for six months, these investors can then sell them publicly at the share’s going rate.

They have seen a significant increase in demand especially over the past couple of months with the Grayscale products remaining the biggest by far.

Now however one can buy the TSX traded bitcoin ETF or one of the numerous European ETNs.

So creating a more competitive market for traditional portfolios to add bitcoin for diversification to potentially increase risk adjusted returns.

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