America’s great asset manager Grayscale has exceeded $ 50 billion in cryptocurrency managed assets for the first time. Grayscale’s assets are steadily approaching the $ 57 billion mark for the largest commodity ETF.
MILESTONE: We have just reached $ 50 billion in assets under management. Another reason to support grayscale. pic.twitter.com/Jrk7n6TAOI
to???? Grayscale (@Grayscale) April 14, 2021
The company plans to become an ETF if regulations allow.
If the ETF had already been approved, Grayscale would be the second largest commodity ETFbehind the SPDR gold stocks. GLD is a physically-backed exchange-traded gold fund listed on the US, Mexico, Singapore, Japan and Hong Kong stock exchanges.
The Grayscale CEO, Michael Sonnenshein tweetedWho thinks that Grayscale’s Bitcoin fund will outperform GLD fund in terms of market cap in just a few months?
‘We believe gold symbolizes the diminishing potential for continued commodity price gains, especially versus Bitcoin. The fortunes in Grayscales GBTC, the dominant vehicle on the exchange, will outgrow the funds of the leading GLD gold ETF in just a few months.@ mikemcglone11 @JSeyff pic.twitter.com/YQwA6M5WFm
to???? Michael Sonnenshein (@Sonnenshein) April 14, 2021
Grayscale offers institutional investors a cryptocurrency risk and owns a total of around 660,000 Bitcoin (BTC), lor that corresponds to 3.5% of the 18.68 million Bitcoin in circulation. Almost 655,000 of them are in Grayscale’s Bitcoin Trust.
Grayscale doesn’t just trade Bitcoin, as nearly 20% of corporate assets are spread across a dozen other cryptocurrencies, including Ether (ETH) ($ 7.4 billion), Litecoin (LTC) (($ 405 million), and Ethereum Classic ( ETC)) ($ 267 million) and Bitcoin Cash (BCH) ($ 234 million). In the past month another five funds were created: MANA by Decentraland (18.6 million USD), Livepeer (LPT) (13 million USD), Filecoin (FIL) (7.7 million USD), Basic Attention Token (BAT ) ($ 4.8 million)) and LINK by Chainlink ($ 4.5 million).
The company is already by far the largest digital asset manager in the United StatesPantera, the second manager, owns just $ 4.3 billion, less than a tenth of the $ 50 billion Grayscale owns.
On Wednesday, The asset manager announced a partnership with Time Magazine to produce a series of instructional videos on cryptocurrencies. The magazine also agreed to receive payments in Bitcoin and keep the digital asset on its balance sheet.
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