Grayscale Surpasses $50 Bln In Crypto Assets Under Management.
2021-04-15 | Big Bob
Leading United States asset manager Grayscale surpasses $50 Bln in
cryptocurrency assets under management for
the primary time. Grayscale's
AUM is creeping ever closer to the $57 Bln
holdings of
the major commodity ETF.
The firm has plans to
convert into an ETF when regulations permit for so.
If the ETF had been approved already, Grayscale would be the second-major commodity ETF behind SPDR Gold Shares. GLD
is a physically-backed gold ETF [Exchange-traded Fund] with listings on stock exchanges
within the United States, Mexico, Singapore, Japan, as well as
Hong Kong.
Grayscale CEO Michael Sonnenshein
tweeted that he believes the Grayscale Bitcoin Fund, or GBTC,
is probably going to surpass the GLD fund by market cap
within the upcoming few months.
Grayscale offers cryptocurrency exposure to institutional investors and holds approx 660k BTC in total representing 3.5% of Bitcoin’s 18.68 Mln circulating supply. Almost 655k
of those are held in Grayscale's Bitcoin Trust.
Grayscale doesn’t just deal in Bitcoin, with almost 20% of the firm’s AUM spread across a dozen other crypto assets along with Ethereum [$7.4 Bln], Litecoin [$405 Mln], Ethereum Classic [$267 Mln], and Bitcoin Cash [$234 Mln].
Within the last month, five more trusts were created - Decentraland's MANA [$18.6 Mln], Livepeer [$13 Mln], Filecoin [$7.7 Mln], Basic Attention Token [$4.8 Mln] and Chainlink [$4.5 Mln].
The firm is already
the major United States digital asset manager by
an outsized margin, with Pantera, the second-largest manager, holding solely $4.3 Bln,
but one-tenth of the $50 Bln held by Grayscale.
Yesterday the asset manager revealed a partnership with Time Magazine
to offer an academic cryptocurrency videos series. The magazine also agreed to receive payment in Bitcoin and hold the digital asset on its
record.
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