- Leading digital asset manager Grayscale announced that with BTC’s spectacular rise to the top of over $ 28,000, assets under its management broke an all-time record with $ 19 billion. While Bitcoin is running from record to record, things look fine in Grayscale.
Leading digital asset manager Grayscale announced that with BTC’s spectacular rise to the top of over $ 28,000, assets under its management broke an all-time record with $ 19 billion. While Bitcoin is running from record to record, things look fine in Grayscale.
Grayscale’s assets exceed $ 19 billion
The new record represents a 16% increase from an all-time high of $ 16.4 billion in the previous week. On December 15, Grayscale’s total managed assets (AUM) were $ 13 billion and showed a tremendous 71% increase in value from $ 7.6 billion on November 1 in a month and a half.
Grayscale’s Bitcoin Trust product accounts for 85% ($ 16.3 billion) of total AUM. Ethereum Trust, currently valued at $ 2.1 billion and growing aggressively, follows.
Bitcoin and Ethereum lead, others remain weak
Other crypto Trust products with significant earnings are Litecoin (LTC), Bitcoin Cash (BCH) and Ethereum Classic, valued at approximately $ 151 million, $ 85.5 million and $ 72.9 million respectively. For XRP, Stellar Lumens (XLM), and privacy money Zcash, Trust has far fewer investments in products, which stand out as Grayscale’s poor performing crypto portfolios.
The New York-based mutual fund invests to provide both individuals and institutional investors a safe and insured gateway for the adoption of the digital currency class. The firm believes that “if the future is digital, investments should also be digital”.
“2020 has proven the flexibility of cryptocurrencies.”
Grayscale stated that 2020 reveals the flexible side of cryptocurrencies and more market growth is expected as more institutional investors flock to invest in Bitcoin and other cryptocurrencies.
“Digital currencies resisted in 2020. Investors are turning to digital currencies as a way to further diversify their portfolios. ”
They draw attention to the importance of Generation Y
Confident in the bright future of the digital assets class, Grayscale chose Generation Y as its primary target market. This generation is currently the largest group of the upcoming investor class; tech-savvy and innovative, they do not rely on traditional financial structures and are therefore most likely to adopt cryptocurrencies.
Moreover, millennials directly benefit from the transfer of wealth from baby boomers up to $ 3 trillion. Grayscale thinks most of this money can be invested directly in the crypto market.