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Grayscale Moving Billions of Dollars in Bitcoin, Litecoin and XRP

Grayscale Moving Billions of Dollars in Bitcoin, Litecoin and XRP

One of the most respected names in the business, Grayscale Investments is now planning to move billions of dollars worth of holdings to US crypto wallet provider and trading platform Coinbase, in what will be one of the largest transfers of digital assets in history. In  a piece sourced from Forbes, attributed to Billy Bambrough, the firms Grayscale which claims to be the largest digital currency manager in the world, the amount is said to be a staggering $3 billion in that transfer. Coinbase has an independently-capitalized firm called Coinbase Custody will now oversee the transaction. The tokens to move are said to be XRP, bitcoin, bitcoin cash, litecoin, and ethereum among others. Keep in mind that the top 5 coins account for about 95 percent of the global market. According to this article, as a NY State-chartered trust company, Coinbase Custody is held to the same fiduciary standards as national banks.

Our View: Clearly the market has been trading weak as bitcoin and other assets have faded in price over the past month, but the market is still building a base, building infrastructure and is, in our view, becoming a legitimate market for respected investors. We suggest you have a look at Tom Lee, Fundstrat Global, and his work. The Fundstrat team produces the most detailed research on Wall Street for bitcoin and other names.

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Disclaimer: We do not provide investment advice or strategies, this article is not intended as such but only to provide you the reader with information. Please conduct your own research before any investment of any kind.

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