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Grayscale Increases Its Assets Under Management By $1 Billion

A report said that Grayscale Investments has increased its assets under management by $1 billion in the space of a week.

It has been reported according to an update posted to Grayscale’s Twitter account on October 22 that the investment firm currently has $7.3 billion in assets under management. That’s a billion-dollar increase on the $6.3 billion AUM Grayscale reported on October 15.

10/22/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products. Total AUM: $7.3 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC — Grayscale (@Grayscale) October 22, 2020

However, each report is delayed by 24 hours, so it refers to the previous day’s figure.

The report stated that the funds are mostly held in Grayscale’s trusts for Bitcoin (BTC) and Ether (ETH), along with the firm’s digital large-cap fund, as the most recent spike is likely linked to the surge in crypto market prices following the recent news PayPal would offer crypto payments from 2021.

Grayscale reported its Litecoin (LTC) Trust had increased the most since the previous day’s report, by more than 7.5%, while the company’s Zcash (ZEC) Trust increased by more than 6% in the same period.

The firm also has small allocations in Ethereum Classic (ETC), Horizen (ZEN), Stellar Lumens (XLM), XRP and Bitcoin Cash (BCH).

Barry Silbert, the CEO of Grayscale, commented on the investment firm’s recent rise on Twitter by stating that it had “added a cool $300 million in AUM in one day.” 

Added a cool $300 million in AUM in one day — Barry Silbert (@BarrySilbert) October 22, 2020

According to CoinMarketCap, Grayscale’s Bitcoin Trust controls around 2.5% of the total coin supply, at 18,522,937.

Thus, the total supply of Bitcoin is capped at 21 million, which means that there are around 2.5 million BTC left to be mined, or about 11.9% of the total Bitcoin to be generated.

Source: Cointelegraph

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