Coinbase is standing by its claim of hosting the largest crypto transfer in history. The $175 million it just received, however, comes from the largest asset manager in the crypto industry so far. Though a drop compared to the $5 billion deposited on Coinbase in 2018, the “who” behind this recent multi-million deposit is what’s making insiders stop and stare.
Prior, Coinbase claimed these tokens to have been part of its largest ever transfer:
- 5 percent of existing Bitcoin (BTC)
- 8 percent of existing Ethereum (ETH)
- 25 percent of existing Litecoin (LTC)
Now, Grayscale comes into the picture after transferring at least $175 million in Bitcoins to Coinbase.
Who Grayscale Is and the Role It Plays
Grayscale, at least since February 2024, held roughly 445,386.8 Bitcoins, totaling over $22 billion in USD currency today. You can find its ticker as GBTC, and it has since become the second largest legal vendor of BTC ETFs. BlackRock is the biggest ETF supplier in the U.S. market, but its assets vary and cross over beyond crypto.
Grayscale has similar services but in crypto solely. The investment firm is now competing with Satoshi Nakamoto, being considered the largest holder of BTC still. The 1.1 million coins that the person or agency behind Nakamoto holds still tips the scale. However, the nearly half million under Grayscale’s management gives us perspective too.
Currently estimated at over $24,004,740,716.0, Grayscale has the largest likely pool of BTC to supply future ETFs with. It is this demand that brings the firm into focus.
What the Price of Bitcoin Proves
So it happens that the largest-asset manager in “legal crypto” is also leading in Bitcoin ETFs. With numbers still coming live, we confirm that Grayscale’s Bitcoin ETF passed over $7 billion in a 30-day period. It holds the largest institutional market for crypto, and its success gives us insight into the likelihood of the SEC approving more crypto derivatives.
Developing Stages In the ETFs Market
An industry push is underway, and much of it started from early February. Bitcoin rose, Ethereum followed and crypto exchanges profited for the first time in years.
SEC Approves Grayscale’s Spot-Bitcoin ETF
Amongst these key events, the Security and Exchange Commission’s ruling on BTC ETFs plays a role. Yes, it’s monumental for crypto, but the ruling also puts Grayscale into one of the most lucrative niches in the financial markets. Since we still have some months before a ruling on Ether ETFs, many investors suspect prices to keep rising until then.
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