HomeCryptoBitcoinSenator Pat Toomey invested in Bitcoin and Ethereum thanks to Grayscale

Senator Pat Toomey invested in Bitcoin and Ethereum thanks to Grayscale

According to what was revealed yesterday, July 7, 2021, U.S. Senator Pat Toomey invested about a month ago in Bitcoin and Ethereum thanks to Grayscale Trust.

Politicians and prominent people in the States must make public their interests and investments, so yesterday, Toomey also revealed his information, including investments in Grayscale’s products.

According to this data, Toomey would have purchased between $1,000 and $15,000 in the Grayscale Ethereum Trust and the Grayscale Bitcoin Trust in mid-June this year.

On June 15, 2021, Bitcoin marked $40,000, while Ethereum on June 14 was worth around $2,500, so the Senator is currently at a loss on these two investments.

Other members of the U.S. government investing in Bitcoin.

Even Cynthia Lummis, U.S. Senator, had first revealed in November 2020 that she is a Bitcoin holder. Even last February, she publicly stated that she supported BTC along with Janet Yellen, US Treasury Secretary, and wanted to spread cryptocurrencies among relatives and colleagues.

Just yesterday, the congressman from Alabama, Barry Moore, has declared to have bought cryptocurrencies, particularly Ethereum, Cardano, and Dogecoin. 

Also, yesterday in New York City, Eric Adams won the primary, who had previously stated that he wanted to make New York “the center of Bitcoin,” probably referring to the idea of attracting cryptocurrency-themed businesses to the city.

The Grayscale Trust

Grayscale is an asset manager focused on helping institutions and private investors invest in various cryptocurrencies, including Litecoin, Bitcoin Cash, Filecoin, Zcash, etc.

In late June, Morgan Stanley also invested in Grayscale, buying more than 28,000 BTC-related shares. A few days earlier, Cathie Wood of Ark had also decided to invest in Grayscale by buying exactly 1,046,002 shares of Grayscale Bitcoin Trust (GBTC).

In a few days, precisely on July 17, Grayscale will unlock over 16 thousand Bitcoins

In total, as of today, the trust holds more than 650,000 bitcoins, currently equal to over $26 billion, so the amount that will be unlocked is approximately 5% of the total.

As of the end of February, a total of 3,560 BTC have already been released, but the bulk of the liquidations will take place in July.

Grayscale stronger than gold

According to data from last April, Grayscale’s Bitcoin Trust was worth more than $40 billion, numbers that at the time were even surpassing investments in the largest gold-anchored ETF.

Gold-anchored assets were slowly losing value, while on the contrary, Grayscale’s Bitcoin Trust at that time was experiencing a real climb, obviously also thanks to the bull run of that period. Let’s remember, in fact, that last April, Bitcoin marked a value of 60 thousand dollars.


Amelia Tomasicchio
Amelia Tomasicchiohttps://cryptonomist.ch
As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist, and also PR manager for the Italian market at Bitget. She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.