Grayscale Tells SEC Its Bitcoin Trust Rose $1.6B Over Six Months
Crypto investment firm Grayscale has told the SEC the dollar value of assets in its flagship bitcoin fund increased 90% to over $1.6 billion.
Aug 12, 2020 at 10:50 a.m. UTCUpdated Aug 19, 2021 at 3:38 a.m. UTC
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The total value of Grayscale's flagship Bitcoin Trust (GBTC) increased over $1.6 billion in the first six months of 2020.
- The New York-based crypto investment firm said the dollar value of total assets in GBTC went from $1.87 billion at the end of 2019 to $3.5 billion by the end of Q2 2020 – an increase of 90%.
- The disclosure came in a quarterly report filed with the Securities and Exchange Commission (SEC) last Friday. GBTC was successfully registered with the regulator in January.
- Grayscale is part of Digital Currency Group, CoinDesk's parent company.
- Per the filing, the bitcoin held in GBTC increased by 125,531 to nearly 387,000, a $1.15 billion increase in value based on bitcoin's spot price on June 30.
- The remaining increase came from the fact the bitcoin price moved from $7,200 on Dec. 31 to nearly $9,200 by the end of Q2.
- Grayscale previously said Q2 2020 was its best quarters on record, having raised a total of $906 million from investors and bringing the total raised amount in H1 to $1.4 billion across its product range.
- Inflows into GBTC came to $751 million in Q2.
- GBTC's assets under management were worth $4.7 billion, according to Grayscale's website at press time.
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