Connect with us

Hi, what are you looking for?

ELEVENEWS

Bitcoin

Grayscale Now Holds $13 Billion Worth of Bitcoin, Ethereum, XRP, and Other Cryptocurrencies

Grayscale, the largest crypto asset manager, has surpassed $13 billion in assets under management

Grayscale Investments, the number one cryptocurrency asset management, has surpassed $13 billion in AUM on Dec. 15.

It has managed to add $1 billion worth of inflows in less than a month, benefiting from the revival of the cryptocurrency industry.

Bitcoin keeps its huge lead

The firm’s Grayscale Bitcoin Trust (GBTC) accounts for 83 percent of the above-mentioned $13 billion figure, remaining by far the most popular option for cryptocurrency investors.



GrayscaleImage by @GrayscaleHowever, as noted by Grayscale’s managing director Michael Sonnenshein, they are also seeing new “Ethereum-only” investors.

“Over the course of 2020, we are seeing a new group of investors who are Ethereum-first and in some cases Ethereum-only. There’s a growing conviction around ETH as an asset class. The development of the asset class has continued to solidify itself.”

In just one month, Grayscale managed to accumulate 365,000 ETH ($213 million at press time). Overall, Grayscale Ethereum Trust (ETHE) manages $1.7 billion worth of ETH.

Racing ahead of Ethereum Classic, Litecoin is currently the firm’s third-largest holding with $74.3 million under management.

Record inflows

As noted by Barry Silbert, the CEO of Grayscale’s parent company Digital Currency Group, it took the family of crypto funds only five months to add $5.4 billion worth of inflows in the span of one and a half months.

A strong uptick in investment inflows coincided with a historic Bitcoin rally. The leading cryptocurrency is currently up over 41 percent since Nov. 1.

As reported by U.Today, crypto asset management firms had their second-best week in early December, benefiting from waning demand for gold.

News Source

Advertisement
Advertisement

Copyright © ELEVENEWS