Supply shortage in Bitcoin: “Big banks contacted”

Bitcoin ETFs, which move with a much faster acceleration than expected, seem to have caused a supply shortage.

Hut8, one of the largest publicly traded Bitcoin mining companies in the US, recently said major banks have contacted the company directly to purchase Bitcoin.

Speaking to DL News, Hut8 CEO Asher Genoot said, “Due to the supply shortage on different exchanges, banks have reached out to us to buy our Bitcoins.” said. Genoot stated that banks are interested in Hut8’s assets as well as its Bitcoin production capacity. However, the CEO did not name the institutions but said they were “the biggest banks you can think of.”

Bitcoin ETFs have accumulated large amounts of BTC since their launch on January 11. As of today, ETF assets are over $57 billion. Excluding Grayscale ETF, the amount ETFs have collected from the market is more than 500 thousand BTC.

Hut8 has $600 million in Bitcoin assets. The company is the fourth company that holds the most Bitcoin among publicly traded companies.