Grayscale Investments has purchased more than 1.5 times the number of bitcoins mined since the third Bitcoin halving for its bitcoin trust. This indicates that there is a strong institutional demand for the cryptocurrency, which is expected to grow significantly post the coronavirus crisis.
GBTC Buys 1.5 Times the Amount of Bitcoin Mined After Halving
Grayscale Bitcoin Trust (GBTC) has been racking up the number of BTC it has purchased since the third Bitcoin halving. Between May 12 and May 18, the week following the halving, Grayscale Bitcoin Trust acquired 12,021.15320371 bitcoins representing $112,336,936, according to Grayscale Investments’ filing with the U.S. Securities and Exchange Commission (SEC).
The following week, from May 19 to May 26, the trust aggregated 6,889.32628892 bitcoins representing $65,231,657. During the two-week period, Grayscale Investments bought a total of 18,910.47949263 bitcoins. Analyst Kevin Rooke tweeted on Wednesday:
Grayscale’s Bitcoin Trust bought 18,910 bitcoins since the halving. Only 12,337 bitcoins have been mined since the halving.
This means Grayscale Bitcoin Trust added more than 1.5 times the number of bitcoins mined during the two-week period after the third Bitcoin halving. This represents a major increase in its buying. For the 100-day period ending May 17, news.Bitcoin.com previously reported that Grayscale Investments purchased 33% of all bitcoin mined.
“Grayscale’s Bitcoin Trust is on a whole new level in 2020 … Institutional money has arrived,” Rooke asserted last week. In response to his analysis showing GBTC’s average weekly investment of $29.9 million in Q1 2020, a substantial increase from the $3.2 million in the first quarter of last year, Grayscale CEO Barry Silbert hinted on Twitter: “just wait until you see Q2.”