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Grayscale’s Crypto Holdings Rise $1.1 Billion As Bitcoin Keeps Recovering

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Tue, 06/29/2021 - 08:50
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Yuri Molchan
Grayscale’s holdings in Bitcoin and altcoins have risen $1.1 billion in value over weekend, while Bitcoin keeps regaining its most recent losses
Grayscale’s Crypto Holdings Rise $1.1 Billion As Bitcoin Keeps Recovering
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Major cryptocurrency asset manager Grayscale Investments, a subsidiary of Barry Silbert’s Digital Currency Group, announced that as of Monday, June 28, its digital currency holdings have added $1.1 billion.

The growth had taken place over the weekend when Bitcoin started recovering and on Monday 28, it rallied back to the $34,000 level.

Grayscale’s crypto holdings growing along with the market

On Monday, Grayscale’s team tweeted that over the weekend the total worth of the crypto assets they hold had risen by a whopping $1.1 billion and now constitutes $30.1 billion compared to $29 billion on Friday.

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Image via Twitter

Earlier today, the flagship cryptocurrency, Bitcoin, recovered to the $35,000 level and Ethereum keeps holding above $2,000 after the rise on Monday.

Therefore, Grayscale’s crypto holdings also rose in value, adding $1.1 billion.

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“Institutional investors buying GBTC”: CryptoQuant

Crypto data vendor CryptoQuant has tweeted that financial institutions are purchasing Grayscale’s Bitcoin Trust’s GBTC at a discount which over the weekend has declined by approximately 2 percent from 11% to 9%.

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Image via Twitter

At the time of writing, Grayscale holds a total of 651,420 Bitcoin, 3.15 million ETH and millions or hundred of thousands of altcoins in its crypto trusts.

Still, outflows from them continue as investors are selling their Grayscale shares. GBTC outflows as of today total 107, as per the data provided by the Bybt analytics website.

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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.