Crypto fund manager Grayscale Investments purchased most of the Litecoin supply that was mined last month, according to data from market broker Bybt. Grayscale currently holds 1.44 million Litecoins ($ 248.33 million), making it the company’s third largest crypto fund after Bitcoin and Ethereum.
Grayscale’s hard moves drive
The firm is one of the few services in the US that allows accredited and institutional investors to buy cryptocurrencies. It offers more than nine crypto-based “trusts” available in the OTC market as both subscription and tradable shares. Grayscale Bitcoin Trust brings the biggest capital out of investors, while Litecoin apparently attracts its own followers.
Miners have produced more than 201,600 Litecoins in the last 28 days. But as the supply increases, Grayscale customers are picking up most of the new cryptocurrencies on the other side. In the last 30 days, Grayscale’s Litecoin Trust (LTCN) has purchased 174,900 LTC.
LTC demand is very high
According to the tracker service LitecoinBlockHalf, every 2.5 minutes a single Litecoin “block” appears to be unraveled by miners or organizations that spend computing resources to verify transactions in exchange for a reward. Miners sell most of these rewards on the open market to cover costs and make profits.
Meanwhile, Grayscale’s notorious “premium” shows that demand for Litecoin is unmatched. According to the firm’s prospectus, each LTCN share contains only $ 15.70 worth of cryptocurrency, while the stock trades at $ 304.99 on the open market.