Grayscale Adds $300 Million in Cryptocurrency Assets Under Management in Just 24 Hours
Grayscale Investments said Thursday that it added $300 million in net assets under management (AUM) in just the last 24 hours.
■ The firm now has a record $7.3 billion in total AUM, according to a tweet by Barry Silbert, chief executive officer of the Digital Currency Group, Grayscale’s parent company.
■ The biggest daily increases were reported in the litecoin trust, whose value rose 8% to $34.3 million. The bitcoin trust remains Grayscale’s biggest portfolio, inching 4% to $6 billion. The ETH and BCH trusts rose 4.9% and 4.6% respectively. Others gained between 2% and 6%.
■ Grayscale profited from surging institutional interest in bitcoin. Paypal’s unexpected dive into crypto this week appears to have lit the markets up. The announcement pushed the price of bitcoin above $13,000 on Wednesday, a 2020 high – and so with it Grayscale’s trusts’ valuations.
■ The $300 million Grayscale added represents a significant increase over the $1.05 billion in investments that it amassed over a whole 90-day period during the third quarter of 2020.
As corporate interest in bitcoin continues to increase, institutional-investor focused entities like Grayscale are also expected to continue to experience immense growth.
What do you think about Grayscale adding $300 million in a day? Share your views in the comments section below.
Grayscale Adds $300 Million in Cryptocurrency Assets Under Management in Just 24 Hours from Bitcoin News.