Grayscale Brings a Bunch of Altcoin Investment Products to Its Offerings, Continues BTC Buying

Published January 23, 2021 | Updated January 23, 2021

Grayscale

Grayscale Brings a Bunch of Altcoin Investment Products to Its Offerings, Continues BTC Buying

Digital asset manager Grayscale is further expanding into its product offering as the crypto market continues to gain maturity with time. The company has reportedly incorporated six more trusts for some of the lesser-known yet interesting altcoin projects like Chainlink (LINK), Tezos (XTZ), Basic Attention Token (BAT), and Filecoin (Filecoin).

During his recent conversation on Twitter, Grayscale’s newly appointed CEO Michael Sonnenshein said that their institutional clients have started showing interest in altcoins. Ethereum (ETH) and Bitcoin Cash (BCH) have been the most preferred choices though.

Well, we don’t expect institutions to participate in the newly announced trusts off-the-bat. However, looking at the potential that these projects have, maybe in the long-term they can attract big players. Oracle service provider Chainlink (LINK) has been in massive demand for transferring data and money across different blockchains. The LINK cryptocurrency has climbed up the ranks to become the ninth most-valued digital asset with $8.8 billion in marketcap.

Grayscale Adds More BTC to its Bitcoin Trust

Grayscale is not leaving any opportunity to make the most of the Bitcoin dip. The Grayscale Bitcoin Trust (GBTC) bought another 3500 Bitcoins in the last 24-hours worth $118 million.

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Grayscale kickstarted its Bitcoin buying spree for 2021 on January 14 last week. Since then, it has purchased nearly 40K BTC in nine days amounting to a massive $1.5 billion. At the same time, the company has reportedly raised $1.2 billion. However, the GBTC premium has dropped to its lowest since March 2017.

On Friday, business intelligence firm MicroStrategy also announced an additional purchase of 314 bitcoin worth $10 million. With this recent purchase, MicroStrategy ups its total BTC holding to 70,784 bitcoins. Speaking to CNBC’s Power Lunch, MicroStrategy CEO said that Bitcoin is not volatile to investors with a 4-year timeframe. “It’s volatile for traders, but traders like volatility,” he adds.

Speaking to CNBC, BlackRock Rick Rider also said that Bitcoin can replace Gold ‘to a large extent’ and crypto is ‘here to stay’. Rider’s comments come soon after BlackRock showing interest in BTC futures.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bhushan Akolkar 632 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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