Including this, the fund now owns 449,900 Bitcoins, worth approximately $4.90 billion, under its administration. Bitcoin, which was trading at about $10,700 at the time of writing this article, had closed above $10,000 per day for the past 63 days.
This actually implies Grayscale controls about 2.40% of overall Bitcoin supply, which is 18,502,381, as per data provided by CoinMarketCap. There is only about 2.50 million (or ~11.9%) Bitcoin remaining to be mined as the total supply has a cap of 21 million.
Even if Grayscale stops buying Bitcoin, still, it will have control over 2% of all Bitcoins after the final block is mined.
Similar to Grayscale, business intelligence firm MicroStrategy has used over $400 million of its surplus funds to purchase Bitcoin. MicroStrategy has accumulated 38,250 Bitcoins since the company initially bought Bitcoins in August. Still, the quantity it holds is roughly one-tenth of Bitcoins held by Grayscale.
In a tweet dated September 15, Barry Silbert, CEO of Grayscale, humorously stated that the two firms are in a Bitcoin “buying race”:
Apparently there is some kind of bitcoin buying race between MicroStrategy and @Grayscale
Game on
— Barry Silbert (@barrysilbert) September 15, 2020
Nevertheless, token holders need not be concerned about Grayscale buying Bitcoins at a rapid pace than it is mined. The major share of Bitcoins bought by the fund is from the existing liquidity pool. The firm calls such purchases as “in kind” exchanges.
09/25/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $5.8 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC pic.twitter.com/FtGxWWnKhE
— Grayscale (@Grayscale) September 25, 2020
The fund disclosed that it owns assets worth $5.80 billion, at the end of September 25. This includes assets owned by all of its crypto Trusts, including Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP, and Zcash (ZEC).