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Grayscale Bitcoin Trust held more than 300,000 BTC under management ($1.5 billion) but slides 30%

Before the market plummeted on March 12, the Grayscale Bitcoin Trust (GBTC) bought over 300,000 BTC. Earlier, on February 5, GBTC shares increased by more than 10% that week and investors are also paying a 20% – 30% premium. Since then and after the market downturn, GBTC shares have fallen 45% from $ 11.52 to $ 6.32 per share.

Grayscale Bitcoin Trust is holding more than 300,000 BTC

Three days ago on Reddit, one person discovered the trust recently crossed the 300.000 BTC and stated:

“By March 10, GBTC issued 311,309,400 shares which is equivalent to 300,619 BTC. This means GBTC investors added 39,570 BTC to their holdings.”

Grayscale GBTC trust now holds more than 300k btc!!! from r/Bitcoin

March 10 is the day before the onslaught of cryptocurrency markets, and GBTC is trading for $ 9.26 per share. Today, after the market devastation, GBTC has dropped by 31.7% since March 10 and by 45% since February.

Moreover, on March 2, Grayscale Investments CEO, Michael Sonnenschein, shared Bitcoin is a “light to safety:

“Bitcoin itself has solidified its role as a store of value or as digital gold. So I talk to an institution, they now look at bitcoin as part of the same flight to safety as they might look at bonds or gold or other things that have served in that capacity for them, and that wasn’t a widely-held narrative probably until about the last 12 or 18 months.”

grayscale-bitcoin-trust-held-more-than-300000-btc-under-management-1-5-billion-but-slides-30

GBTC shares have lost 31.7% since March 10 and 45% since Feb. 5, 2020

Since the stock market crashed on March 12, gold prices have fallen after hitting an all-time high along with various precious metal markets. In fact, on Friday, the price of gold lost 4.5%, and the metal-faced the most significant weekly loss since 1983.

grayscale-bitcoin-trust-held-more-than-300000-btc-under-management-1-5-billion-but-slides-30[2]

Gold prices took a hit from ‘Black Thursday’s’ market bloodbath but not nearly as bad as Bitcoin

Institutional investors have left the cryptocurrency building?

Today’s spot price of BTC shows consolidation and some slight gains in late afternoon trading on March 14. If BTC prices continue to rise during Sunday sessions, GBTC shares are likely to rise on Monday. Despite the market downturn, people think that institutional investors have been stuck while others believe they have left the cryptocurrency market.

In the interview, Grayscale CEO, Sonnenschein said that BTC as an asset class won’t be going away any time soon.

There is growing evidence that this type of asset will not disappear – investors want access to it and if legacy organizations want to remain competitive, they will have to be open to this type of asset. for their customers.

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