Grayscale Investments continues to grow its cryptocurrency portfolio by adding $ 300 million in assets under management in one day
Grayscale Investments announced that it has added $ 300 million worth of cryptocurrencies to its portfolio of digital assets in the past 24 hours and over $ 1 billion in the last week. This information was shared via a tweet yesterday from Barry Silbert, CEO of Grayscale.
The crypto fund manager noted that it had an AUM of $ 6.3 billion on October 15. However, over the past week he added $ 1 billion worth of cryptocurrencies, and the company now controls $ 7.3 billion worth of digital assets.
Silbert stated, “The company added $ 300 million in assets under management in one day. The additional sum brings total assets under management to $ 7.3 billion. “
The funds are held in the company’s trust for Bitcoin (BTC) and Ethereum (ETH) as well as in Grayscale’s digital large-cap fund. This latest development comes less than 48 hours after PayPal announced its entry into the cryptocurrency market and Bitcoin passed the $ 13,000 mark thereafter.
Each grayscale report is delayed by 24 hours. This means that this data relates to the number of the previous day.
The Cryptocurrency Funds Manager reported that its Litecoin (LTC) trust saw the highest growth since the last report. Grayscale reported that the LTC Trust was up 7.5% while the Zcash (ZEC) Trust was up more than 6% in the past 24 hours. Grayscale also holds extensive holdings of other cryptocurrencies such as Ripple (XRP), Ethereum Classic (ETC), Bitcoin Cash (BCH), Horizen (ZEN) and Stellar Lumens (XLM).
Grayscale could increase its cryptocurrency holdings after raising massive funds in the third quarter of the year. Grayscale’s financial report for the third quarter of 2020 found that all cryptocurrency trusts had investments of over $ 1 billion. This year, Grayscale raised $ 2.4 billion, more than double what it did between 2013 and 2019.
The firm said that 81% of its investments in the third quarter came from institutional investors, while another 57% came from people investing in multiple products.
With the Crypto Fund Manager now holding over $ 6 billion in AUM, Grayscale controls around 2.5% of the total Bitcoin supply, currently over 18,000 BTC. Bitcoin supply is limited to 21 million, which means that around 2.5 million bitcoins still have to be mined.
Grayscale isn’t the only company currently increasing its stake in cryptocurrencies. MicroStrategy recently bought $ 425 million worth of bitcoin, and Jack Dorseys Square Inc. invested $ 50 million in bitcoin.