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Grayscale Litecoin Trust Reveals February Buy of 174K LTC

  • Grayscale Litecoin Trust bought over 174,000 LTC last month.
  • The said purchase represents 80% of all LTC mined in February.
  • Aside from Litecoin, Grayscale also invests in other cryptocurrencies like Bitcoin and Ethereum.

Digital asset investment company Grayscale Litecoin Trust has purchased a whopping 174,000 LTC last February. This is according to Litecoin’s official Twitter account. At Litecoin’s current price, this would have been worth $30 million.

This purchase reveals that the company has bought roughly 80% of all litecoins which were mined in February. The below diagram shows the summary of how Litcoin was mined in the crypto market last month.

Grayscale investments for BTC, ETH, and LTC
Grayscale investments for BTC, ETH, and LTC (Source: Litecoin Twitter)

Grayscale Litecoin Trust is an open-source investment platform created to unveil Litcoin exposure to its investors in a form of security. In addition, it also provides curated features that solely prevent difficulties when it comes to investing in Litecoin.

More so, Grayscale Litecoin Trust began after the firm’s Bitcoin Trust. Aside from Litecoin and Bitcoin, Grayscale also invests in other cryptocurrencies like Ethereum, Bitcoin Cash, Ethereum Classic, Horizen, Stellar Lumens, and Zcash.

Grayscale’s assets are mainly stored offline with Coinbase custody. This means that the Grayscale Litecoin Trust assets are specifically stored in a cold wallet.

According to CoinGecko, LTC price is $173.21 with a 24-hour trading volume of $5.892 billion at the time of writing.

Collins Adane

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.

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