Bitcoin

Grayscale adds $300 million to AUM in one day

„We added $300 million to AUM in one day,“ says Grayscale’s CEO Barry Silbert

Crypto fund manager Grayscale Investments has increased its Asset Under Management (AUM) by $1 billion over the course of a week.

According to an update released on 22 October from Grayscale’s Twitter account, the investment company currently has $7.3 billion in assets under management. A billion dollar growth from AUM of $6.3 billion reported by Grayscale on 15 October. Each report is postponed by 24 hours, so it refers to the previous day’s data.

The funds are located primarily in Grayscale’s Bitcoin (BTC) and Ether (ETH) trusts, in addition to the company’s Digital Large Cap Fund. The most recent peak is probably linked to the rise in prices in the crypto market following the news that PayPal will offer cryptocurrency payments from 2021 onwards.

Grayscale reported that its Litecoin (LTC) Trust has seen the biggest increase since the previous day’s report, more than 7.5%, while the Zcash (ZEC) Trust has gained more than 6% over the same period. In addition, the company has small allocations on Ethereum Classic (ETC), Horizen (ZEN), Stellar Lumens (XLM), XRP and Bitcoin Cash (BCH).

Barry Silbert, CEO of Grayscale, commented on the recent growth of the investment company on Twitter, saying:

„We added $300 million to AUM in one day.“
Grayscale’s Bitcoin Trust controls approximately 2.5% of the total cryptocurrency offering, currently 18,522,937, according to CoinMarketCap. Bitcoin’s total offering is limited to 21 million units, which leaves approximately 2.5 million BTCs to be issued, or around 11.9% of the total.

Recently, Grayscale has been joined by other major financial institutions that understand the potential of crypto. In addition to MicroStrategy’s purchase of $415 million in BTC, last week’s monitoring resource Coin98 Analytics reported that digital asset manager CoinShares controls 69,730 BTC, equivalent to over $900 million following the rise in cryptocurrency to over $13,000 in recent days.