Between December 22nd and 23rd, the, digital currency asset manager Grayscale added half a billion dollars to its investment products, the majority of which flowed into the Grayscale Bitcoin Trust (GBTC). At press time, Grayscale counts $16.4 billion in assets under management.
Grayscale has served as one of the strongest indicators for institutional interest in Bitcoin, as it became the preferred destination for accredited investors to allocate funds to the asset. In mid-2018, Grayscale counted just under $250 million in total assets under management.
The value of Grayscale’s XRP Trust has meanwhile shrunk significantly following news of SEC charges against Ripple for allegedly conducting an ongoing sale of unregistered securities. After seeing daily growth of over 20 percent just last week, the Trust shrunk by 11 percent in a day on Tuesday, and by over 26 percent in a day on Wednesday. XRP itself shed 36 percent in its price over the course of a day.
Earlier on Wednesday, Cryptocurrency asset manager Bitwise had published a press release confirming it had liquidated the XRP position of its Bitwise 10 Crypto Index Fund. Messari founder Ryan Selkis anticipated similar developments from Grayscale, as concerns over XRP’s status would likely lead more providers to delist the coin. Whether Grayscale will close its XRP Trust is not clear at this point.