Grayscale Acquires Further Pool of Litecoins, Total Holding Goes Above 1.44 M

Grayscale Investments’ love and affection for crypto is never-ending. Apart from operating and managing the biggest Bitcoin fund in the world, the investment company has also acquired another chuck of popular tokenized crypto called Litecoin. Informs that by adding freshly acquired 174,000 Litecoins, it’s total holding of the respective tokenized coin has become 1.44 Million. Approximately 80% of the mined Litecoins in the month of February have been acquired by none other than Grayscale Investments.

It has been confirmed through multiple reports that Grayscale Investments has invested money into acquiring more Litecoins. The company was already holding a huge quantity of Litecoins but thought that it should get some more. Prominently, the company is also managing the world’s top Bitcoin Fund which is worth in billion dollars.

As per the reports, it is confirmed that in the past month about 174,000 Litecoins have been purchased by Grayscale Investment. Through this fresh acquisition, the overall holding of Grayscale’s Litecoin has reached 1.44 Million. Interestingly, in the past month, roughly a total of 208,000 Litecoins were mined. However, out of these 208,000, at least 80% were acquired by none other than Grayscale Investments.

With the help of further acquisition of Litecoins, the value of Grayscale Investments’s holding has gone past US$ 248 Million. But in contrast to the value of Litecoin holding, the value surge for Litecoin was rather on the slow side. While the rest of the cryptocurrencies not only surged but managed to see a big boost within their values in the past 15 months. It is said that as in most cases with regard to other cryptocurrencies, there is a lack of connection between Litecoin’s supply and demand versus its value.

It was noted within the crypto market that Litecoin went above US$ 200/- price only once which happened on 22nd February, 2021. But since then, its value dropped at its original value of US$ 190/- which prevailed before the surge.

But presently, the value of Bitcoin suffered a huge decline and went under US$ 174. According to CoinDesk’s crypto price index, there is an expected decline of 5.58% in the value that will take place before the end of this day. Furthermore, the market capital of Litecoin too has suffered a dip and is currently at US$ 5.97 Billion.

This has given rise to a debate on Twitter in which Litecoin’s fans as well as owners are raising several questions. One major question that is being asked why Litecoin has been unable to pump increased value even though Grayscale has invested huge sums.

In response to this question, the team of Litecoin explained that large acquisitions are mostly done over-the-counter. Resultantly, there isn’t any prominent change occurring instantaneously to the value of that particular asset. However, it takes a little time to make bring about the change, explained Litecoin’s team.