Grayscale’s Managed Crypto Assets (AUM) surpassed the $ 10 billion mark for the first time as prices of Bitcoin, Ethereum and other leading cryptocurrencies continue to rise.
Grayscale is one of the largest institutional investors in the cryptocurrency space. The company is enjoying the recent market rally, announcing that it now manages over $ 10 billion in crypto assets.
The fund manager tweeted: “11/17/20 UPDATE: Net assets under management, holdings per unit and market price per unit for our investment products. Total AUM: $ 10.4 billion “. Grayscale hit the $ 10 billion mark by investing in a variety of cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), Zcash ( ZEC) and Horizen (ZEN), Litecoin (LTC) and Stellar Lumen (XLM).
Bitcoin leads the way in terms of performance. The cryptocurrency has already risen by more than 70% in the current quarter. BTC is up nearly 10% in the past 24 hours, with ETH (5.9%), LTC (2%), BCH (1.6%), and XRP (1.2%) seeing good gains in the past few hours .
Bitcoin is currently trading at $ 18,250 per coin and is aiming for its all-time high of $ 20,000 in the coming days or weeks.
According to the company’s November report, Grayscale’s cryptocurrency assets rose from $ 7.6 billion on Oct. 30 to currently $ 10.4 billion. The rise in the price of cryptocurrencies was the main reason behind the company’s increasing crypto AUM. However, grayscale has also benefited from the investment inflows.
Managing Director Michael Sonnenshein tweeted on Friday that Grayscale raised $ 262.3 million last week. This was the greatest capital the company raised in a week since it went live. Grayscale has steadily expanded its cryptocurrency portfolio over the years.
Grayscale’s crypto assets are held in nine single-asset investment trusts and one diversified fund. Shares in these investment instruments are not publicly available, but are offered directly to accredited investors. However, using grayscale, some of the stocks can be publicly traded on the over-the-counter markets.
The company’s crypto asset portfolio could rise in the coming weeks as industry experts and analysts believe Bitcoin could hit a new all-time high before the end of the year. Some believe the market could see a slight correction before BTC hits its all-time high of $ 19,783.