Grayscale Ramping Up Bitcoin Purchases to 1.5x the Amount of Bitcoin Mined

According to the independent researcher, Kevin Rooke Grayscale may have increased its purchases of Bitcoin significantly. Rooke estimates that Grayscale is currently buying 1.5 the amount of Bitcoin mined.

The data published by Kevin Rook shows that Grayscale Investments has bought over 18.000 BTC since May 11th. This is significant as, since the halving on May 11th, only 12,337 have been mined.

The CEO of Binance Changpeng Zhao reposted Rooke’s chart illustrating Grayscale’s massive buy-in into Bitcoin commenting: “There isn’t enough new supply to go around, even for just one guy.”

Rooke further estimates that the investment company bought over 60,000 BTC over the last 100 days, which amounts to about 33% of the supply mined within that timeframe. These massive crypto purchases are likely fuelled by the large investments the Grayscale Trust has seen in the last 12 months, with an average of nearly 30 million USD invested into the trust every week.

At the moment, it is estimated that Grayscale has ramped up its average daily Bitcoin purchases from an average of 600 BTC per day in the first quarter of 2020 to over 1,100 BTC in the second quarter.

Barry Silber, the founder of Grayscale, commented Rooke’s tweet with a simple: “just wait until you see Q2.”

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