Cryptocurrency News

Grayscale Surpasses $50 Bln In Crypto Assets Under Management.

Leading United States asset manager Grayscale surpasses $50 Bln in cryptocurrency assets under management for the primary time. Grayscale’s AUM is creeping ever closer to the $57 Bln holdings of the major commodity ETF.

The firm has plans to convert into an ETF when regulations permit for so.

If the ETF had been approved already, Grayscale would be the second-major commodity ETF behind SPDR Gold Shares. GLD is a physically-backed gold ETF [Exchange-traded Fund] with listings on stock exchanges within the United States, Mexico, Singapore, Japan, as well as Hong Kong.

Grayscale CEO Michael Sonnenshein tweeted that he believes the Grayscale Bitcoin Fund, or GBTC, is probably going to surpass the GLD fund by market cap within the upcoming few months.

Grayscale offers cryptocurrency exposure to institutional investors and holds approx 660k BTC in total representing 3.5% of Bitcoin’s 18.68 Mln circulating supply. Almost 655k of those are held in Grayscale’s Bitcoin Trust.

Grayscale doesn’t just deal in Bitcoin, with almost 20% of the firm’s AUM spread across a dozen other crypto assets along with Ethereum [$7.4 Bln], Litecoin [$405 Mln], Ethereum Classic [$267 Mln], and Bitcoin Cash [$234 Mln]. Within the last month, five more trusts were created – Decentraland’s MANA [$18.6 Mln], Livepeer [$13 Mln], Filecoin [$7.7 Mln], Basic Attention Token [$4.8 Mln] and Chainlink [$4.5 Mln].

The firm is already the major United States digital asset manager by an outsized margin, with Pantera, the second-largest manager, holding solely $4.3 Bln, but one-tenth of the $50 Bln held by Grayscale.

Yesterday the asset manager revealed a partnership with Time Magazine to offer an academic cryptocurrency videos series. The magazine also agreed to receive payment in Bitcoin and hold the digital asset on its record.

Leave a Comment

Your email address will not be published. Required fields are marked *