Grayscale has increased its assets in Bitcoin and cryptocurrencies by $1 billion. This may not even seem like news, except that the increase happened in about 24 hours.
04/08/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) April 8, 2021
The next day, on April 9th, these assets had grown by a billion, with GBTC at $38 billion.
04/09/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) April 9, 2021
Thus, it is the two cryptocurrencies that are the queens of the market that are responsible for the growth of Grayscale’s assets under management.
Grayscale, the Bitcoin fund popular with institutional investors
Grayscale is becoming characterized by the increase of its assets under management which probably responds to the growth of demand from institutional investors. Those who choose Grayscale in fact do not directly buy Bitcoin or the other cryptocurrencies, as per the Trust, but trade shares that are exposed to Bitcoin and crypto.
In the meantime, the company has increased the number of trusts, and recently added five cryptocurrencies to its basket:
- Chainlink (LINK);
- Filecoin (FIL);
- Basic Attention Token (BAT)
- Decentraland (MANA);
- Livepeer LVR).
Some, such as Filecoin and Basic Attention Token, have experienced a real rally in price since they were added by Grayscale. It is clear that investors who turn to Grayscale, although primarily interested in Bitcoin, are not disdainful of other cryptocurrencies so much so that even these trusts have already raked in millions in less than a month. The most notable are Livepeer, whose trust already manages over $13 million, and Decentraland, which has already raised $18 million.