Grayscale Adds $1 Billion in Bitcoin, Nears $50 Billion in Total AUM
Investment giant Grayscale recently added another $1 billion worth of Bitcoin in almost 24 hours. Now, the firm nears the $50 billion mark with $46.1 billion in total assets under management (AUM)
As reported by CryptoPotato recently, the investment firm increased its total AUM by more than $3 billion, shortly after expanding its crypto-trust offerings by adding five new tokens for their eligible accredited investors.
04/09/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) April 9, 2021
The Grayscale Bitcoin Trust (GBTC) accounts for $38.1 billion (82.64%) of Grayscale’s total AUM, while the Ethereum Trust (ETHE) accounts for $6.6 billion (14.26%). The remaining trusts, including Bitcoin Cash and Litecoin, account for the rest.
Notably, tokens such as Filecoin, Livepeer, Basic Attention token, MANA, and LINK saw a surge in price after Grayscale announced adding them into the list of offered trusts. The company expanded its total number of trusts to 14 after CEO Michael Sonnenshein explained they see many clients seeking exposure to more crypto assets.
Grayscale Confirms Its Intentions to Launch a BTC ETF
Grayscale has confirmed its plans to convert its most popular investment product, the GBTC, into a Bitcoin Exchange-traded fund —after posting several ETF-related job positions on its careers page. Although, the firm does not consider that the current regulation weather in the United States is suitable for such a fund.
Unlike other investment giants that have filed for an ETF using S-1 forms, Grayscale will remain committed to converting GBTC into an ETF as the US’s regulatory environment gets clearer.
Founded in 2013, Grayscale has become the most prominent digital asset manager for accredited investors seeking exposure to bitcoin and other crypto assets. The institutional demand for BTC accelerated at the beginning of this year, according to Sonnenshein, adding that demand is nowhere near decreasing.