Grayscale Fund Owns 1% Of All Existing Bitcoins — Report
Currently, the Grayscale Bitcoin Investment Trust (GBTC) is considered the owner of over 200,000 bitcoins, Bitcoinist reports, referring to data from the Diar research.
The outgoing year 2018 turned out to be difficult for the crypto market, while some of its participants managed to take advantage of low prices and increase their digital assets. Presently, 17.4 million bitcoins are in the market, thus GBTC owns 1% of all issued BTC on behalf of its depositors, and these figures allow the company to occupy leading roles on the crypto market.
GBTC, which was created in 2013 by the Digital Currency Group (DCG), takes advantage of the prevailing conditions in the crypto market and accumulates additional bitcoins every month. The company keeps the assets of its customers and earns 2% commission on them per year.
However, the drop in the bitcoin price led to the situation that the value of the funds stored in dollar equivalent fell, and the entire amount of funds of $826 million became the lowest for the year in early December.
Other leading companies are also taking advantage of the decline in the crypto market and accumulate assets. Mati Greenspan, a specialist at the eToro crypto company, drew the community’s attention to this on Twitter in November 2018, when the first serious price collapse occurred.
Diar research concerns ether too. During 2018, a large number of assets accumulated in the crypto wallets of the major market participants. For instance, the ether owners had 80% more money than in January by the end of November 2018.
As previously reported, the value of Grayscale fell below $1 billion.