Grayscale purchased 80% of all LTC mined in February and it now sits on $244 million worth of the “digital silver” so let’s read more in our latest Litecoin news.
Crypto fund manager Grayscale purchased 80% of the mined LTC for February according to the data from ByBt. The investment fund holds over 1.44 million LTC and made it the company’s third-largest crypto holding after Ethereum and Bitcoin.
The company is one of the very few services in the US that allows accredited and institutional investors to purchase cryptocurrencies and offers nine crypto trusts which are available both as the tradeable share and subscription on the OTC market. while the Grayscale Bitcoin Trust is bringing in the biggest capital from investors, LTC is trying to attract its own following. Miners produced over 201,600 Litecoin over the past month but with the supply increasing, Grayscale customers were on the other end and picked the majority of the new coins that were up. Over the past month, the Litecoin Trust acquired 174,900 Litecoin.
In the past month @Grayscale Trust has purchased over 174,000 Litecoin.
This is approx 80% of all Litecoin mined last month… pic.twitter.com/5RmDARZ3dy
— litecoin (@litecoin) March 1, 2021
According to the data from LitecoinBlockHalf, every 2.5 minutes sees a single Litecoin block being solved and the miners to cover the costs and to make a profit, started selling the majority of these rewards on the open market. The figures show miners earn over 12.5% LTC as a reward and these figures mean that over 300 LTC are mined every hour with 7200 LTC mined per day. This data shows that only in February, we saw 201,600 LTC mined in 28 days.
With the 174,900 LTC going into LTCN, the figures meant that the fund purchased about 80% of the LTC mined in the month. in the meantime, the “premium” of the trust shows that the Litecoin demand is unmatched. Each LTC share contains $15.70 worth of the crypto while the share trades at $304.99 on the market. This marks a premium of over 1,842% that the investors are paying for the exposure to LTC via a regulated and secure fund with no trouble of managing the private keys.
As reported earlier, the shares in the grayscale Bitcoin trust started trading at a discount after years of trading at a premium. However now, the Grayscale ETH shares are trading at a discount as well for the first time since they opened in 2017. The investment products are available via over-the-counter markets under the symbol ETHE and traded at a 5.2% discount a day ago as it normally trades at a premium above 5%.
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