Free Bitcoin 2020

Free Bitcoin 2020
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What is Bitcoin? Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.
Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services in legal or black markets.
Bitcoins in its pure essence is money. It is digital currency that serves the same functions and pu…

$4.6 Billion Under Management: Grayscale Purchased Over $100M Worth of Bitcoins Last Week

This week cryptocurrency proponents discussed the firm Grayscale Investments, as the firm purchased 9,702 bitcoins (over $110 million) in the past five days. The news follows Grayscale informing the U.S. Securities and Exchange Commission (SEC) that the Bitcoin Trust (GBTC) grew over $1.6 billion in 2020.

Last Friday, Grayscale Investments filed a quarterly report with the SEC detailing that the firm’s Bitcoin Trust (GBTC) has increased significantly in value. The filing notes that the trust increased in value by over $1.1 billion as of June 30, 2020, from over 125,000 BTC to 387,000 BTC.

June 30 exchange rates show the company’s assets under management (AUM) were valued at $3.5 billion. “The Trust determined the fair value per Bitcoin to be $9,134.09 and $7,145.00 on June 30, 2020,” explains the SEC filing.

The Grayscale Bitcoin Trust SEC filing on August 7, 2020.

In addition to the recent SEC filing, crypto observers have watched Grayscale obtain a massive amount of bitcoin (BTC) during the last five days. On Reddit, an observer explained that Grayscale purchased 5,973 BTC (over $68 million) a few days ago.

After that purchase, the crypto enthusiast noticed the company obtained another 3,729 bitcoins ($42 million) two days after the $68 million purchase.

The recent purchases add 9,702 bitcoins ($110 million) to the trust’s stash, which indicates Grayscale’s Bitcoin Trust is a whopping 401,385 BTC (AUM) or $4.6 billion using today’s exchange rates. Of course, the discussion on Reddit about Grayscale’s recent purchases spurred a lot of speculation.

A number of bitcoiners couldn’t agree on how the crypto assets were actually purchased. “Judging by the lack of impact on the price, I’m going to guess they bought a cash-settled futures contract rather than actual bitcoins,” one Redditor wrote.

A few other individuals were in complete disbelief that Grayscale bought that many coins, as it didn’t seem to affect spot market prices. Most people attributed Grayscale’s purchasing to over-the-counter methods.

“It’s done OTC, with multiple brokers taking their time to carefully procure the coins needed from multiple markets,” exclaimed one bitcoiner commenting on the subject.

The $100 million Grayscale BTC purchase follows the recent announcement from Microstrategy Inc. (NASDAQ: MSTR). The $1.33 billion intelligence company Microstrategy revealed it purchased 21,454 (BTC) for it’s “new capital allocation strategy.”

What do you think about Grayscale buying 9,702 bitcoins? Let us know in the comments section below.

The post $4.6 Billion Under Management: Grayscale Purchased Over $100M Worth of Bitcoins Last Week appeared first on Bitcoin News.

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