Cryptocurrency News

Grayscale Increases Litecoin Holdings With New Purchases

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The asset manager is always on the lookout for cryptos with substantial potential to capture interests, leading to investors’ rise. The firm had announced the addition of new cryptos some days ago and revealed that it would add some coins under one of its funds, created for trying out new cryptocurrencies.

The asset manager is a favorite amongst institutional traders by helping them manage their digital asset holdings without giving investors the hassles of owning a wallet. Grayscale is one of the industry’s oldest firms, and it has shown notable growth over the years as its Assets Under Management attained a new peak recently. The firm has now decided to increase its Litecoin holding by buying 80% of the LTC mined in February.

Grayscale has over a million Litecoin

Grayscale is currently one of Litecoin’s strongest backers as the firm would give the coin publicity and exposure to the institutional crowd. Grayscale bought 174,000 LTC in February, and it stands as one of the asset’s biggest whales. Bybt, a data firm, shared that the manager bought almost all the Litecoin mined in February.

The firm now has around 1.44 million in LTC, which worth almost $250 million. The coin dubbed digital silver is one of Grayscale’s largest buys, right behind Bitcoin and Ethereum. The management company could push institutional interest in Litecoin and assure its growth within a short period.

Grayscale is the industry’s largest asset manager, and it offers unique services to accredited investors, such as cryptocurrency purchases and management. The firm has numerous crypto trusts, but Bitcoin is the largest and most preferred for institutional buyers.

The large buyers understand the Kong coin’s dominance in the market, thereby making it a suitable investment for many buyers. Institutional interests in crypto became prevalent last year when MicroStrategy bought millions worth of Bitcoin before the asset’s massive surge in December.

Litecoin premium sees unrivaled demand

The Grayscale Bitcoin Trust remains the firm’s largest, with the numbers of investors willing to explore Bitcoin through that area. The trust has earned buyers notable gains, while Litecoin might be showing some similar patterns. For February alone, miners mined around 201,600 LTC, and Grayscale copped around 80% of the bulk.

The firm’s premium also reveals increased demand for Litecoin, which statistics have revealed. The Litecoin premium stands around 1,846% which outmatches others in the firm. Many more buyers are also joining the crypto investment to get exposure to digital assets without worry about the management of large numbers of cryptos.

Grayscale continues to impress the industry as it pushes for interests in other cryptos in the Bitcoin-dominated market. The Chief Executive explained that the firm wants to add other assets to give them some stance in the industry monopolized by Bitcoin.

BTC is still a preferred choice for institutional interest, as retail buyers find it hard to purchase the crypto because of its value. Experts predict the altcoin season’s emergence, which has led to other digital assets such as Cardano, Litecoin, and other assets.

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