The crypto fund manager Grayscale Investments increased its assets under management (AUM) by $ 1 billion in one week.
After an update released on Grayscale’s Twitter account on October 22nd The investment firm currently manages $ 7.3 billion (AUM) in assets. That’s a $ 1 billion increase from $ 6.3 billion in AUM that Grayscale reported on Oct.15. Each report is delayed by 24 hours to reference the previous day’s number.
The funds are held primarily in Grayscales trusts for Bitcoin (BTC) and Ethereum (ETH), as well as in the company’s large-cap digital fund.. The recent surge is likely due to the surge in crypto market prices after PayPal started offering crypto payments in 2021.
Grayscale reported that Litecoin trust fund (LTC) grew the fastest, by more than 7.5% since the previous day’s report. The Zcash Company Trust (ZEC) rose more than 6% over the same period. The company also has small allocations in (ETC), Horizen (ZEN), Stellar Lumens (XLM), XRP, and Bitcoin Cash (BCH).
Barry Silbert, CEO of Grayscale commented on the recent rise of the investment firm on Twitter it added “a whopping $ 300 million in AUM in one day”.
AUM of $ 300 million added in one day https://t.co/G2lKu6QqxI
– Barry Silbert (@BarrySilbert) October 22, 2020
With Grayscale’s Bitcoin Trust currently managing over $ 6 billion, it means that The investing company controls approximately 2.5% of the total coin supply, which is currently 18,522,937 according to CoinMarketCap. The total supply of Bitcoin is limited to 21 million, which means Around 2.5 million BTC still have to be mined, or around 11.9% of the total Bitcoin.
Recently Grayscale has joined other major financial institutions that are also seeing the potential of cryptocurrencies. Along with MicroStrategy’s purchase of 415 million BTC earlier this year, monitoring resource Coin98 Analytics reported that digital asset manager CoinShares had controlled 69,730 BTC as of last week, worth more than $ 900 million after the coin surged above 13,000 $ today.
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