Grayscale, the biggest cryptocurrency asset management firm in the world, now has more than $14 billion in crypto assets under management, thanks to the recent price rally of Bitcoin and other digital assets.
According to the data compiled by crypto analytics company, Bybt.com, Bitcoin is the biggest holding of Grayscale with a total value of nearly $12 billion. The company has more than 569K Bitcoin along with nearly 946K Litecoin.
The crypto asset manager has reported a rise in Ethereum related investment products and the trend has been evident in recent days as Grayscale accumulated more than 359,000 Ethereum in the last 30 days.
Grayscale now has more than 2.94 million Ethereum with a total value of $1.84 billion. The firm mentioned that Ethereum-first and Ethereum-only investors are growing, and Wall Street has started to consider ETH as an important asset.
The asset management firm has been in the news recently due to its DropGold ad on social media and other platforms. Gold has seen substantial outflows in recent weeks, and during the same period, crypto-related investment funds gained massive popularity.
In addition to Bitcoin, Ethereum and Litecoin, Grayscale is also holding digital assets like Bitcoin Cash, Ethereum Classic and XRP. The company has XLM and Zcash as well in its holding. Grayscale is planning to increase its portfolio of digital assets with the inclusion of other cryptocurrencies as the fund saw a growing demand for other crypto assets as well.
This year has been fruitful for crypto asset managers, according to a report published by crypto firm CoinShares, the total value of digital assets under management reached an all-time high of $16 billion this year as compared to just $2.57 billion in 2019. Michael Sonnenshein, Managing Director at Grayscale Investments said during the recent interviews that digital currencies are gaining popularity, and the company has received a tremendous response for the DropGold advertising campaign.
Leave a Reply