Coinbase announces that it has made the largest purchase ever in the Bitcoin asset (BTC). The U.S. stock market has helped One River make a huge purchase.
They don’t disclose the exact amount of the purchase, but it is “one of the largest transactions in digital assets in history”.
Big order for Coinbase
The initial transactions were carried out over a five-day period at a varying pace. The exchange explains in a blog post that they did this to work in different market conditions.
“One River was looking for a first class broker for a large transaction. They were looking for a company with enough institutional expertise to complete a transaction on a scale without affecting the market price and then secure its digital assets as a custodial.
So it is not known what the exact amount of the purchase is. However, a remarkably large withdrawal had been made in recent days. CryptoQuant reported this on Twitter. It was said to be a withdrawal of 55,000 BTC. With the price of about $32,000 that comes down to $1.7 billion.
However, it is not known whether this withdrawal is at all and whether this total amount belongs to One River.
Bitcoin for the long term
One River Digital Asset Management has already invested $600 million in Bitcoin and has already announced that it wants to increase this amount significantly. According to reports from early December 2020, they wanted to manage at least $1 billion worth of bitcoin and ether by early 2021. Chances are that they have succeeded in doing so by now.
“Coinbase’s institutional team delivered exactly what we needed to discreetly execute this transaction.”
ERIC PETERS, CIO OF ONE RIVER
One River recently advocated cryptocurrency in a message on its website. Under the name “The Case for Digital Assets” they promote a future with a lot of Bitcoin in it. In the blog post, Peters shares the long-term vision in which cryptocurrencies are the technology of the future.
“By holding on to these assets over the long term, we are joining the macro-megatrends of technological progress and currency devaluation, both of which seem to be accelerating”.