Grayscale purchased over 174,000 LTC last month, currently sits on $244 million worth of Litecoin

According to Bybt, crypto fund manager Grayscale Investments bought the majority of Litecoin last month. As of now, Grayscale presumably holds more than 1.44 million LTC tokens (approximately $ 248.33 million). With this number, Grayscale obviously becomes the third-largest crypto holder after Bitcoin and Ethereum.

Grayscale purchased over 174,000 Litecoin last month, currently sits on $ 244 million worth of the LTC

Grayscale is one of the few services in the United States that allows accredited and institutional investors to buy cryptocurrencies. The company currently offers over nine crypto-based trusts, available either as a subscription or as a shareholdable on the OTC market. And while the Grayscale Bitcoin Trust delivers the largest amount of capital from investors, Litecoin also seems to be attracting a pretty strong following.

Miners produced over 201,600 Litecoin in the past 28 days. But as the supply increased, Grayscale customers were on the other end picking the majority of the new coins up. In the last 30 days, Grayscale’s Litecoin Trust (LTCN) acquired 174,900 Litecoin.

According to LitecoinBlockHalf, every 2.5 minutes sees a single Litecoin block being solved by miners — or entities who expend their computing resources to validate transactions in turn of a reward. The miners, to cover costs and turn a profit, sell a majority of these rewards on the open market.

Current figures show that miners earned more than 12.5 Litecoins. Such numbers mean more than 300 Litecoins are mined per hour and 7,200 Litecoins are mined per day – meaning February saw more than 201,600 Litecoins mined in 28 days. With 174,900 Litecoin included in LTCN, the figures mean that the fund bought nearly 80% of all newly mined Litecoins in the past month.

Meanwhile, Grayscale’s infamous “premium” shows that Litecoin demand is unprecedented. According to the company’s prospectus, each LTCN share contains only $ 15.70 in cryptocurrencies, while the stock itself trades at $ 304.99 on the open market.

That’s over 1,842.61% premium that investors are paying to gain exposure to Litecoin through a secure and managed fund without the hassle of managing private keys. It goes far beyond the premium level above any other Grayscale product.

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