Grayscale Deposits $56 Million in Bitcoin to Coinbase

IconCryptoNewsTerminal Staff18 Jul, 2024

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Grayscale Deposits $56 Million in Bitcoin to Coinbase

Grayscale Investments, the world's largest digital currency asset manager, has deposited 861.5 Bitcoin (BTC) worth approximately $56.06 million to Coinbase Prime, a cryptocurrency exchange and custodian. The transaction occurred 12 minutes ago, according to blockchain analytics firm Arkham Intelligence. Notably, 476 BTC from the deposited funds were subsequently transferred to a new address, suggesting further movement or distribution of the cryptocurrency. The reasons behind these transactions remain unclear, but they highlight Grayscale's continued involvement in the cryptocurrency market as an institutional investor.