Grayscale Adds $3.1 Billion in Bitcoin and Altcoins Over Weekend

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Tue, 03/30/2021 - 13:30
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Yuri Molchan
The biggest crypto fund has acquired $3.1 billion worth of digital assets over the weekend, adding more Bitcoin and popular altcoins to its stash
Grayscale Adds $3.1 Billion in Bitcoin and Altcoins Over Weekend
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Grayscale, affiliated with Barry Silbert's Digital Currency Group, has purchased a mind-blowing amount of crypto in a single day: $3.1 billion of Bitcoin, ETH and other digital currencies.

Grayscale grabs $3.1 billion in crypto assets

As of March 29, Grayscale has been holding a whopping $44.1 billion in cryptocurrencies. A total of $3.1 billion has been acquired by the company over the weekend. On Friday, March 26, Grayscale Investments held a smaller amount: $41 billion worth of digital assets.

Grayscale holds and offers investment exposure to 13 cryptocurrencies, including the flagship Bitcoin, Ethereum, Stellar, Litecoin and others, via trusts.

Recently, the company has launched five more trusts based on popular altcoins: BAT, MANA, LINK, FIL and LPT.

Grayscale currently holds a total of $37.3 billion worth of Bitcoin. However, GBTC continues to trade with a negative premium.

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Image via Twitter

Related
BREAKING: PayPal U.S. Customers Now Allowed to Use Crypto to Pay Merchants

PayPal enables crypto exposure for its U.S. customers

Earlier today, it was announced that U.S. PayPal payments giant allowed its users in the U.S. to start utilizing Bitcoin, Ethereum, Litecoin and Bitcoin Cash as payment for goods in online stores.

They would have to convert cryptocurrencies into fiat in order to pay merchants. Some critics still insist that crypto adoption on the site is taking place within PayPal's walled garden.

Last fall, PayPal allowed its customers to purchase and sell crypto using PayPal-based digital wallets without the ability to withdraw crypto to other wallets or custodial services.

Later this year, the company intends to gradually enable crypto payments to be used with 29 million merchants.

After the news was announced, Bitcoin started rallying. At the moment, it has come close to recovering the $60,000 price level.

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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.

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