Digital asset administration agency Grayscale simply launched its first-quarter 2020 report, revealing that its flagship funding product, Grayscale Bitcoin Belief (GBTC), now holds 1.7% of all Bitcoin (BTC) in circulation on behalf of its clients.
Bitcoin is price $7,119 at time of writing. With a complete of 18,329,287 BTC price $130,486,194,153 now in circulation, Grayscale’s BTC asset holdings are price a whopping $2,218,265,300.
Though the financial downturn brought on by the coronavirus pandemic has not spared Bitcoin and even with the cryptocurrency market crashing in March, the agency says demand for crypto investments stays excessive.
Grayscale says buyers regard digital property as medium to long-term investments and as an integral a part of their portfolio.
“They’re tactically utilizing drawdowns to extend their publicity to the asset class, which they’re now doing on the quickest tempo in Grayscale historical past.
Quarter-over-quarter inflows greater than doubled to $503.7 million, demonstrating demand is reaching new peak ranges, even in a “risk-off” setting.”
Inflows for the Grayscale Bitcoin Belief, which is backed by actual BTC and allows accredited buyers to realize publicity to the king of crypto, hit $389 million in Q1 2020, marking the agency’s greatest quarter to this point.
Grayscale raised $503.7 million throughout all of its merchandise in Q1, and complete inflows into Grayscale merchandise over the previous 12 months now complete $1.07 billion.
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