Grayscale Managed Crypto Assets Hit New High Above $ 3.7 Billion
The volume of digital assets under the management of Grayscale Investments has exceeded $ 3.7 billion, according to the latest statements of the company.
The amount of assets that Grayscale manages on behalf of its clients has grown by $ 500 million since the publication of the report for the first quarter on March 31, and since July 2019 – by $ 1 billion, or 37%.
The most popular Grayscale investment vehicle is the GBTC bitcoin trust, which has raised $ 3.31 billion to date, or about 90% of assets under management..
As noted by the company ListedReserve, Grayscale and Square bought more than half of the emission of bitcoin in the first quarter. In total, they purchased 85,000 BTC worth about $ 695 million. During the same period, the miners mined 163,800 BTC. At the same time, we are not talking about buying new bitcoins, since they could have used other channels, but about an equivalent expression. In Q4 2019, two companies accounted for the equivalent of 23.14% of mined bitcoins.
The second most popular Grayscale trust is ETHE with $ 279 million in Ethereum assets. According to the report for the first quarter, the Ethereum trust attracted investments of more than $ 110 million and absorbed about half of the new emission of the cryptocurrency..
Grayscale trusts currently account for 2% and 1.3% of the capitalization of Bitcoin and Ethereum, respectively.
Earlier, Grayscale managing director Michael Sonnenshine suggested that the transfer of capital between generations could positively affect the cryptocurrency market. “We often talk about the transfer of capital between generations. $ 68 trillion will go to millennials over the next 25 years. This is big business. Today it is in gold and other investments, but we have to watch where it will flow. Of course, we are not saying that all this capital will end up in bitcoin. However, we argue that Bitcoin resonates with the millennial audience, ”he said..