Cryptocurrency asset manager Grayscale Investments has seen its total assets under management surpass the $10 billion mark as the price of bitcoin moved past $18,000 on its way to the previous all-time high near $20,000.
Barry Silbert, CEO of the Digital Currency Group of which Grayscale is a subsidiary, tweeted out the milestone pointing out the total figure is $10.4 billion in assets under management, and commented “that’s a lot of zeros.”
The milestone came the same day the price of BTC surpassed $18,000 and the cryptocurrency’s market capitalization hit a new all-time high of $337.5 billion. So far this month, Grayscale’s assets under management grew by nearly $3 billion, with the price appreciation of the cryptocurrencies in its funds being a major factor.
As CryptoGlobe reported, Grayscale recently revealed it now holds over 500,000 BTC in its Bitcoin Trust product, GBTC. The funds, equivalent to over 2.5% of bitcoin’s circulating supply, greatly appreciated against the USD over the last few days.
Grayscale also manages funds that give investors exposure to cryptoassets like bitcoin cash, ether, horizon, ether classic, litecoin, XRP, stellar, and zcash, as well as its Digital Large Cap Fund. Data the company shared shows its Bitcoin Trust and Ethereum Trust account for most of its assets under management.
Last month Grayscale revealed Q3 was a record quarter for the firm with inflows above $1 billion. The report detailed that the Grayscale Bitcoin Trust has kept on leading investment demand, with inflows of $719.3 million in Q3 2020. The trust’s assets under management grew 147% year-to-date.
Grayscale pointed out that these three products saw inflows increase by more than 1,400% quarter-over-quarter, with the majority of the funds to all of its products coming from institutional investors, which accounted for 81% of the investment in Q3.
Featured image via Pixabay.
Credit: Source link