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Grayscale Extends Its Assets By Another $1 Bln In Less Than 15 days.
2020-07-29 | Mike Hallen
Leading cryptocurrency fund manager Grayscale Investments has managed to extend its assets under management by another $1 billion in less than 15 days.
In line with a recent official update posted to Grayscale’s Twitter account on 28th July, the investment company presently has $5.1 Bln in assets under management [AUM]. The funds are mostly held in Grayscale’s trusts for Bitcoin [BTC] and Ethereum [ETH], along side the firm’s digital cap fund. There are smaller allocations in Bitcoin Cash [BCH], Ethereum Classic [ETC], Horizen [ZEN], Litecoin [LTC], Stellar Lumens [XLM], Ripple [XRP] and Zcash [ZEC].
This represents a rise of nearly $1 Bln in AUM in only 11 days, consistent with a recent 11th July update from Grayscale. The firm quite doubled the AUM in its BCH trust, from $6 Mln to $12.8 Mln therein time. Grayscale added $782 Mln to its BTC trust, $174 Mln to its ETH trust, $12.7 Mln to its ETC trust, and $6.7 Mln to its LTC trust.
The firm’s Stellar Lumens Trust was the sole one with a drop by AUM, from $600k to $500k.
Grayscale No More Purchased Bitcoin Since Last Week
Though the investment company presently has $4.3 Bln in AUM for Bitcoin, filings with the U.S. SEC [Securities and Exchange Commission] reveal Grayscale has not purchased any of the cryptocurrency since 19th June Thereon day, Grayscale bought 19,879 BTC, which at the time seemed to indicate the firm was purchasing Bitcoin faster than miners could produce blocks.
However, consistent with Grayscale’s report from Q3 2019, 80% of inflows that quarter to the firm’s BTC trust came from Bitcoin already in circulation — not from tokens recently mined. The firm refers to those purchases as “in kind” exchanges.
Ryan Watkins of crypto analytics firm Messari said earlier in June this meant that Grayscale was more likely buying just 31% of new BTC mined since the 11th May rewards halving. consistent with Watkins, no new crypto was going into the firm’s Ethereum trust in the least.
U.S. Verifying Shares Of Grayscale
As reported earlier on 17th July, the Financial Industry regulatory agency within the United States had verified shares of Grayscale’s Bitcoin Cash Trust and Litecoin Trust were able to begin being quoted in OTC markets. The 2 stocks will soon be available for public trading under the symbols BCHG and LTCN.
