How long are they holding the BTC?
Most importantly, we don't know what Grayscale exactly is and that’s where we are confused. Grayscale holding bitcoin, the source of money is their investors and the investors aren't directly investing in bitcoin. They are investing in the share of Grayscale bitcoin fund.
Therefore, selling bitcoin for Grayscale for profit isn’t something important I guess (I might be wrong in this though).
This has been a question in my mind for some time, if Grayscale holds so many bitcoins and keep buying it over time, when they will sell it or whether they will take profits after the price hit the ath, but it may be the case as Grayscale offer bitcoin trust (GBTC).
GBTC is a trust that only holds Bitcoin. Grayscale Bitcoin Trust tracks the Bitcoin price based on the TradeBlock XBX Index. But while the trust closely mirrors the performance of Bitcoin, the GBTC stock price tends to over- or undershoot performance based on investor sentiment. sourceSo, I bet they will sell bitcoin if investors start selling their 'trust' which is at the peak of bitcoin price such as when bitcoin hit $42k and the sell-off occur caused bitcoin to fell 27%.