Connect with us

Hi, what are you looking for?

ELEVENEWS

Bitcoin

Grayscale adds 12,000 BTC, raises AUM to almost $16 billion

Grayscale Investment has added about $283 million worth of Bitcoin in its holdings today.
Following the acquisition, the company’s AUM has risen to almost $16 billion.
Grayscale Investment, the largest digital assets management company, had recently suspended the inflow of new funds into most of its cryptocurrency products, including the Bitcoin Trust. Despite this, the company has added another substantial amount of Bitcoin in its holdings. Additionally, this raised the total valuation of its assets under management (AUM) to almost $16 billion, as tweeted on Wednesday.

Grayscale adds 12K Bitcoin
According to the information shared by Jan Uytenhout, the co-founder of Capriole Investments, the leading crypto investment company added 12,000 Bitcoin to their holdings today. This is 13 times more than the supply of the cryptocurrency, thereby, strengthening Grayscale’s position as the “biggest Bitcoin buyer,” as Peter Schiff says. Following the current price of BTC at $23,585, this recent purchase is worth about $283 million.

Note that, the recent addition was made regardless of the fact that Grayscale is currently not accepting new funds in its crypto products. This shows just how the existing investors on the company are interested in holding more of the cryptocurrency, according to Uytenhout.



Nearly $16 billion in assets

Following the addition today, the investment company now posts $15.9 billion in its net assets under management. The Bitcoin Trust accounts for more than $13 billion of the entire AUM, followed by the Ethereum Trust, which has a valuation of $1.8 billion. Notably, interest in Bitcoin and its products has been on the rise since it broke above the $20,000 range. Many popular companies have invested in BTC, even as the crypto grew further in price.

Speculations are that more institutions are likely to invest in crypto in the coming years.

News Source

Advertisement
Advertisement

Copyright © ELEVENEWS