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Grayscale Acquires $1.06 Billion Worth of Bitcoin: Almost Twice More BTC Than Was Mined in Nov. 2020

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Thu, 12/03/2020 - 13:06
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Yuri Molchan
Grayscale fund spearheaded by Barry Silbert has gained twice as much Bitcoin in November as was generated by miners—55,015 BTC; that's $1.06 billion worth of Bitcoin
Grayscale Acquires $1.06 Billion Worth of Bitcoin: Almost Twice More BTC Than Was Mined in Nov. 2020
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According to the tweet from Coin98 Analytics, Grayscale fundpopular with financial institutions that invest in cryptoacquired in November two times more Bitcoin than was mined.

Grayscale grabs $1,068,127,228 worth of Bitcoin in November

Analytics provider Coin98 Analytics has tweeted that Barry Silbert's Grayscale Investments expanded its Bitcoin stash in November to an amount twice bigger than Bitcoin miners could help with in that month.

Overall, Bitcoin miners managed to generate 27,881 BTC in November. That is worth $538,973,187 (and they earned $521 million in revenue on transaction fees).

However, the Grayscale crypto hedge fund for financial institutions raked in twice as much as that amount, acquiring $1.068 billion worth of Bitcoin in just one month.

BTC
Image via Twitter

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Peter Schiff bashes Grayscale for its Bitcoin advert

Earlier this week, major Bitcoin critic, Euro Pacific Capital CEO Peter Schiff, slammed Grayscale after the company had decided to bring back its viral GBTC advert, in which it compares Bitcoin to gold on television.

Schiff accused Grayscale of pumping Bitcoin and manipulating the market by constantly running their BTC ads on CNBC. The television giant got kicked by Schiff too as he stated that, in return for the paid adds purchased by Grayscale, CNBC invites only BTC proponents as guests and keeps BTC critics away from the airwaves.

Schiff believes that, as soon as BTC reaches another peak, Grayscale will go from the biggest Bitcoin buyer to the biggest BTC seller.

On Nov. 30, the day on which Bitcoin skyrocketed to a new all-time high of $19,914, U.Today reported that during the previous week the Grayscale fund had acquired $136.8 million worth of Bitcoin (7,351 BTC).

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.