HomeLatest NewsGrayscale on path to reach $10BN in crypto holdings

Grayscale on path to reach $10BN in crypto holdings

Latest reports show that institutional crypto giant Greyscale is set to reach $10 billion in crypto holdings

As of writing, Grayscale has $9.8 billion in assets under management (AUM). At the current pace, it is expected that this figure will soon rise to $10 billion.

The company announced on Twitter, “Net Assets Under Management, Holdings per share, and Market Price per Share for our Investment Products. Total AUM: $9.8 billion.”

Barry Silbert, the founder of the Digital Currency Group (Grayscale’s parent company), commented on the update saying, “$200 million to go.”

Grayscale’s investment line allows institutional investors to get exposure to several cryptocurrencies in a regulatory compliant way. The cryptocurrencies now in Grayscale’s bag are Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, Stellar, Horizon, Ripple and Zcash.

According to the company’s third quarter report,  the sector has seen tremendous growth this year. Grayscale reported that in the third quarter alone, investors bought $1.05 billion in Grayscale Trusts. This is about $100 million more than the previous record of $906 million achieved in the second quarter.

More institutions invested in 3Q20 than ever before and have increased their average allocation from $2.2 million in 3Q19 to $2.9 million in 3Q20. Institutions that are comfortable with multiple products within the Grayscale suite of products, have averaged nearly double the commitments of single-product investors during 3Q20.

Consistent and significant growth in the demand for digital assets – shown through the lens of Grayscale asset raising – continues to corroborate our view that digital assets are an emergent market that should not be ignored.

The report added that, “as investors grow more comfortable with digital assets, we are seeing increased appetite among Grayscale’s products. Grayscale’s Bitcoin Cash, Litecoin, and Digital Large Cap products have all seen over 10x growth in inflows quarter-over-quarter.

Considering the company posts an average weekly investment of $80.5 million, it won’t take long before Grayscale surpasses the $10 billion mark.

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