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Grayscale Adds $300 Million in Cryptocurrency Assets Under Management in Just 24 Hours

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Grayscale Adds $300 Million in Cryptocurrency Assets Under Management in Just 24 Hours

Grayscale Investments said Thursday that it added $300 million in net assets under management (AUM) in just the last 24 hours.

■ The firm now has a record $7.3 billion in total AUM, according to a tweet by Barry Silbert, chief executive officer of the Digital Currency Group, Grayscale’s parent company.

■ The biggest daily increases were reported in the litecoin trust, whose value rose 8% to $34.3 million. The bitcoin trust remains Grayscale’s biggest portfolio, inching 4% to $6 billion. The ETH and BCH trusts rose 4.9% and 4.6% respectively. Others gained between 2% and 6%.

■ Grayscale profited from surging institutional interest in bitcoin. Paypal’s unexpected dive into crypto this week appears to have lit the markets up. The announcement pushed the price of bitcoin above $13,000 on Wednesday, a 2020 high – and so with it Grayscale’s trusts’ valuations.

■ The $300 million Grayscale added represents a significant increase over the $1.05 billion in investments that it amassed over a whole 90-day period during the third quarter of 2020.

As corporate interest in bitcoin continues to increase, institutional-investor focused entities like Grayscale are also expected to continue to experience immense growth.

What do you think about Grayscale adding $300 million in a day? Share your views in the comments section below.

The post Grayscale Adds $300 Million in Cryptocurrency Assets Under Management in Just 24 Hours appeared first on Bitcoin News.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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