Grayscale is not slowing down a bit in its efforts to bring institutional money into cryptocurrency. Fresh data from a market tool known as Bybt has revealed that the crypto fund management company . At the moment, Grayscale reportedly holds over 1.44 million Litecoin ($248.33 million). This puts Litecoin as the firm’s third-largest crypto holding after Bitcoin and Ethereum. This recent news might already have been raising new interest in the digital silver as the price of the asset is up 6% in the last 24 hours.
Available record shows that in the last 30 days, Grayscale’s Litecoin Trust (LTCN) acquired a total of 174,900 Litecoin while miners produced over 201,600 Litecoin in the last 28 days. That already puts the Grayscale’s acquisition above 80% but there are strong indications that the demand for the Litecoin trust from customers at Grayscale is increasing steadily. This might results to the investment company increasing its Litecoin holdings in the days ahead.
It is important to note that Litecoin is the only third largest holdings of Grayscale that is yet to set a new all-time high in this recent bullish market trends. Therefore, this new move could very well position Litecoin to test the $300 price market in the weeks ahead as it continues to catch the eyes of institutional investors.
Grayscale is one of the few companies in the United States that allows accredited and institutional investors to purchase cryptocurrencies through its various subscriptions. Grayscale aims to help institutional investors take advantage of the opportunities that digital assets present. Here is how the company describes its mission on its official website:
At Grayscale, we believe investors deserve an established, trusted, and accountable partner that can help them navigate digital currency investing. That’s why we are building transparent, familiar investment products that facilitate access to this burgeoning asset class, and provide the springboard to investing in the new digital currency-powered “internet of money.”
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So it is a good opportunity to buy litecoin
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You can say that again, seriously.
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