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MCS | Bitcoin has recently hit $13,000, the highest point of 2020. What are the large-scale institutions actively collecting Bitcoin?

a month ago

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Bitcoin, which has been strengthening its position as a financial asset, has surpassed the $13,000 level in the market and rewrote its highest point of 2020. The Bitcoin price is soaring due to the purchase of Bitcoin by large-scale institutions, along with news of Bitcoin support for the sale and payment by the world's largest payment and remittance company PayPal. In this post, we will talk about what major institutions are "raking in Bitcoin".

1.Grayscale

Grayscale is a crypto investment trust company in the U.S. and operates a number of investment trusts, including Bitcoin and Ethereum. Among the crypto investment trusts operated by Grayscale, Bitcoin Investment Trust (GTBC) and Ethereum Investment Trust (ETHE) are registered with the Securities and Exchange Commission (SEC). The total investment trust assets operated by Grayscale amount to $6.6 billion. Grayscale's Bitcoin investment trust bought a total of 400,000 BTCs, while Ethereum investment trust bought 1.9 million ETHs.

2. Square

Square, a quick payment company led by the Twitter founder, Jack Dorsey, purchased 4,709 BTC (about $54 million), which is 1% of the company's assets.

3. MicroStrategy

MicroStrategy, a NASDAQ-listed software solution company for global enterprises, has made two Bitcoin purchases since this August with a total of 21,454 BTCs (approx. $247 million).

4. Stoneridge

Stoneridge, an asset management company listed on the New York Stock Exchange, purchased more than 10,000 Bitcoins in this October with an investment of $115 million.

In addition to the institutions listed above, the number of institutions that are bulk buying Bitcoin and global hedge funds continues to grow. In particular, data showed that Grayscale is buying 77% of newly supplied Bitcoin through Bitcoin mining, and these institutions are expected to purchase more Bitcoin in the future.

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Published a month ago