American crypto asset management company and crypto asset fund Grayscale Investments have recently shown their rich family. According to a chart released, the company managed a total of approximately $2.1 billion worth of crypto assets, and the Bitcoin Investment Trust (GBTC) reached $1.97 billion, accounting for nearly 94%. The company released the data on Twitter on May 28.
According to published data, in addition to the Bitcoin Trust Fund (GBTC), the company also noted that its Bitcoin cash trust is worth $6.7 million, the Ethereum Trust is worth $13 million, and the XRP Trust is worth $5.7 million.
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It is worth noting that the company's second largest trust fund is ETC, valued at $41.3 million, and the only private currency trust fund, the Zcash Trust Fund, valued at $11.3 million.
Earlier this month, Grayscale Investments said that fund product inflows in the first quarter of 2019 increased by 42% year-on-year.
Bitcoin analyst Rhythm said today that
“Grayscale purchased more than 11,000 BTCs in April 2019, while the Bitcoin network mines 54,000 BTCs per month. The number of BTCs purchased in grayscale accounts for about 21% of BTC's global monthly supply. Institutional investors are FOMO (fear of missing) bitcoin."
As previously reported, the number of wallets holding between 1,000 and 10,000 bitcoins has increased dramatically since the end of the winter, indicating that the number of coins has increased significantly during the price decline. Part of it includes the admission of institutional investors.
GBTC presents a huge premium, with bitcoin implied value of more than $11,000
According to the data, through the publicly traded grayscale Bitcoin Investment Trust (GBTC), investors are paying a huge premium to buy the current encrypted bull market.
According to BTC's share of the grayscale company's encrypted asset reserve, GBTC's share price premium is about 37%.
At present, GBTC's transaction price is 11.44 US dollars per share, making the hidden price of Bitcoin more than 11600 US dollars, equivalent to a premium of nearly 3,000 US dollars per bitcoin.
Give up gold and choose bitcoin
Grayscale has recently been pushing its “give up the gold” campaign to try to convince more people to invest in their encryption products. The company is offering some of the most widely used cryptographic asset investment tools, used by accredited investors and institutional investors, to enable customers to invest in the encryption market in a highly regulated and transparent environment.
The fund's products work by allowing institutional investors to understand the price movements of the world's leading cryptocurrencies by using a traditional investment tool. They don't have to worry about storing, purchasing, or managing their private keys for these encrypted assets. In addition, these products are accompanied by additional bonuses, which can also be held through some US IRA and brokerage accounts.
"Stupid" money is being bought?
Based on the current price of the trust at $11.44 per share, if an investor purchases a bitcoin through GBTC, the purchase cost will exceed $11,000 due to the premium of the investment instrument. Buying at this premium level is likely to be labeled as a “stupid” currency, betting on bitcoin into a new bull market.
This publicly traded stock (provided on some US trading services, such as the securities broker TD Ameritrade) is likely to be the easiest way for investors to get some exposure quickly, and they clearly know that they may still Short-term trading can be withdrawn at a premium as high as the currency of a regulated exchange (such as Coinbase, Gemini or Kraken).