Grayscale now holds half a million Bitcoin

Cryptocurrency fund manager Grayscale Investments now holds more than 500,000 BTC in its Bitcoin Trust.

According to a Nov. 16 post, Grayscale now holds to $8.35 billion worth of Bitcoin - equating to 2.69% of Bitcoin's.

With Chainalysis estimating that around 3.7 million BTC have been lost, Grayscale may actually now be in possession of 3.37% of Bitcoin's remaining circulating supply.

Appealing to institutional investors who are prepared to pay a premium to buy and hold cryptocurrency through the security of a regulated fund, shares in the Grayscale Bitcoin Trust currently represent $15.62 worth of Bitcoin each, yet change hands for $18.86.

Grayscale also charges an annual fee of 2%. Grayscale Bitcoin Trust now holds more than 500,000 $BTC. Yes, you read that right.

The Grayscale Bitcoin Trust has aggressively accumulated Bitcoin during 2020, with the amount of BTC held by the fund increasing almost 50% in the past six months.

That's a steep rise in 2020 for a fund that launched seven years ago, and suggests snowballing institutional interest.

Last week, the fund reported its largest-ever weekly inflow, taking in 15,907 BTC worth $215 million.

Grayscale's Ethereum Trust also ramped up its purchases during 2020, and now holds roughly $1.175 billion worth of Ether.

Grayscale's eight other crypto funds currently manage nearly $400 million worth of assets, bringing the total value of digital assets managed by the firm to $9.9 million.