Digital asset management company Grayscale Investments bought 174,900 LTC in February – about 80% of all coins mined last month. The company now owns over 1.44 million LTC.
According to LitecoinBlockHalf, every 2.5 minutes, miners mine one block on the Litecoin network. For the extraction of one block, miners receive a reward of 12.5 LTC. Thus, about 300 LTC per hour and 7,200 LTC per day are mined, that is, more than 201,600 LTC were mined in February. At the same time, last month Litecoin Trust (LTCN) Grayscale acquired 174,900 LTC – about 80% of all mined coins.
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 prospectus, each LTCN share contains a cryptocurrency worth $ 15.7, while the share itself is traded at $ 304.99 on the open market. As such, investors pay a premium of over 1,842.61% to gain access to LTC through a regulated and secure fund. This far outweighs the markup for any other Grayscale product.
Grayscale currently owns more than 1.44 million LTC worth about $ 248.33 million.Recall that in January the company created six new cryptocurrency funds, and in Q4 2020 Grayscale raised $ 3.3 billion in cryptocurrency funds.
Telegram channel!
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
