Data from markets tool Bybt indicates that crypto fund manager Grayscale Investments has bought the vast majority of Litecoin that was mined in February 2021; now the company holds more than 1.44 million Litecoin ($248.33 million), the third-largest crypto holding following Bitcoin and Ethereum.
Grayscale is one of the few in the US that authorize accredited and institutional investors to acquire crypto. It has nine crypto-based “trusts” that you can use as a subscription or as a tradable share on the OTC market.
Miners have managed to produce more than 201,600 Litecoin across February. As the supply has increased, Grayscale customers snatched the new coins up. Over the previous 30 days alone, Grayscale’s Litecoin Trust has bought 174,900 Litecoin.
Every 2.5 minutes a Litecoin “block” is being solved by miners. For the miners to cover the costs and make a profit, they sell what they mine on the open market.
Currently, a miner earns 12.5 Litecoin as a reward. This means that more than 300 Litecoin are being mined hourly and 7,200 per day. February thus had 201,600 mined since it had 28 days.
As 174,900 Litecoin went into LTCN, the figures show that the fund had acquired about 80% of all the new Litecoin that was mined in February.