Fund has bought bitcoin for $173 million – more than what has been mined since the halving
May 28, 2020
Last week it was reported that Grayscale Investments, which runs the world’s biggest bitcoin fund, has bought extremely large amounts of bitcoin in the past three months.
That number corresponded to about a third of all new bitcoin mined during the same period.
Two weeks – $173 million
Now it seems that Grayscale Investments has shifted to yet another gear.
Since bitcoin’s much-anticipated halving, just over two weeks ago, there has been 12,337 new bitcoin mined. During the same period, the fund bought 18,910 bitcoin, numbers that were first shared on Twitter by crypto researcher Kevin Rooke show.
This means that Grayscale Investments has bought a number of bitcoin that corresponds to 150 percent of the new supply. 18 910 bitcoin, by the way, is worth about $173 million.
Crypto exchange CEO is impressed
One who is impressed with the number is Changpeng Zhao, CEO of the Binance crypto exchange.
“There isn’t enough new supply to go around, even for just one guy”, he writes in response to Kevin Rookes’ tweet.