Grayscale’s assets under management continue to grow. The crypto asset management firm reported that they are currently holding around $ 13 billion in cryptocurrency. This shows the great interest in Bitcoin (BTC) and other cryptocurrencies in the market. The information was shared by the company in a recent tweet.
The value of crypto assets under Grayscale’s management continues to grow
According to the crypto asset management firm, they are currently holding $ 13 billion worth of crypto on behalf of their clients. Their biggest product is the Grasycale Bitcoin Trust, with a managed asset (AUM) of $ 10.82 billion. This is followed by Grayscale Ethereum Trust with $ 1.72 billion of AUM. Grayscale Litecoin Trust is the third largest cryptocurrency fund with $ 75 million in AUM. These products are seen as a great way for large and traditional investors to gain access to the cryptocurrency market. According to Bybt, Grayscale purchased Ethereum for $ 215 million, paying $ 588.13 for each ETH. It is worth noting that Ethereum Trust (ETHE) and its shares are sometimes sold at a premium price of over 100%, representing one tenth of ETH in circulation. Despite the premium investors have to pay, they are ready to add to their portfolio. The interest in bitcoin and other cryptocurrencies forces them to pay a premium only to be able to invest in these assets.
In addition, there are many investors who prefer to use the traditional market when investing in digital currencies rather than buying using the cryptocurrency exchange. In an interview with Bloomberg, Grayscale Managing Director Michael Sonnenshein said that investors who want to invest exclusively in Ethereum are increasing. The world’s second largest cryptocurrency attracts a large number of investors.
At the time of writing, Ethereum is pretty close to $ 594 to $ 600. On the other hand, Bitcoin is trading at $ 19,850, very close to the level of $ 20,000.