Popular crypto investment company Grayscale Investments is investing in Bitcoin at a dizzying rate.
In fact, the company has been buying this week three times more Bitcoins miners have mined.
According to a tweet posted on June 25, the company has reportedly bought 19,879 Bitcoins (about $184M) during the last week for its Bitcoin Trust, bringing the total number of Bitcoins it owns to around 400,000.
The current total number of Bitcoins in circulation is 18.415 million. Since Bitcoin reduced by half the reward given to miners for mining a block on May 11, Grayscale has bought 53,588 Bitcoins, an average of 1,190 Bitcoins a day. If the company keeps buying at this rate, by January 2021 it will own around 3.4% of all the Bitcoins in circulation and 10% by the next halving, which should take place in 2024.
This frenzied purchase of Bitcoins should not surprise anyone, as Grayscale founder Barry Silbert said in May the company would increase the rate of purchase of the crypto.
The company is also actively buying Ethereum for its Ethereum Trust (ETHE). Thus, it currently has $396M in Ethereum after buying $110M in 2020 as of June 5.
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