Grayscale buys 80% of Litecoin mined in February

Grayscale Investments in the last 30 days purchased more than 174,900 Litecoin (LTC) out of the 201,600 coins mined during that period. The company’s total assets under management reached 1.44 million LTC (~$248.3 million).

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 LitecoinBlockHalf, miners on the Litecoin network on average mine a block every 2.5 minutes and receive a reward of 12.5 LTC. In February they earned 201 600 LTC, in the last 30 days — 201 600 LTC.

Grayscale Investments has formed nine investment products. The Litecoin-based trust, under the ticker LTCN, ranks fourth by assets under management ($244.5 million). According to the latest data, it accounted for 0.7% of Grayscale Investments’ total assets. The Bitcoin- and Ethereum-based funds account for 84.4% and 12.77%, respectively.

03/01/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.

Total AUM: $36.9 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $ZEC pic.twitter.com/owz8mKqdZy

— Grayscale (@Grayscale) March 1, 2021

At present LTCN trades at a premium of over 1,700% to the price of LTC. In the summer of 2020 the premium on Grayscale’s Litecoin Trust shares amounted to 753%.

Trading on the LTCN secondary market started in August 2020. It is available to accredited and institutional investors by subscription or on the over-the-counter market.

In February, the board of directors of Ebang International Holdings decided to launch a Litecoin mining business.

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