Grayscale Adds $300 Million in a Day and $1 Billion in a Week

Due to the increasing demand for hedge investment assets, the companies and institutional actors have increased their Bitcoin holdings. In the latest update, fund manager Grayscale notes it is holding $7 billion in assets under management.

$7.3 Billion in AUM

According to Grayscale, the fund manager has added a fresh investment of $1 billion in digital assets in just one week. As reported on Oct.22, the value of assets under management jumped from $6.3 billion to $7.3 billion.

Bitcoin Trust and Ethereum Trust of the investment giant are holding most of the funds. The latest increase in funds is dedicated to disruptive news of PayPal’s support for cryptocurrency.

According to Grayscale’s latest report, Litecoin Trust has jumped by 7.5% “since the previous report on assets’ value.” Similarly, another altcoin, Zcash Trust has surged by 6% over the same time frame. The firm has also seen a clear growth in XRP, Ethereum Classic, Bitcoin Cash, Stellar Lumens, and Horizen.

Chief Executive and founder, Barry Silbert, updated over Twitter that Grayscale “Added a cool $300 million in AUM in one day.”

Grayscale Holds 2.5% of BTC Supply

The largest amount of funds is held under Bitcoin Trust which is equal to nearly $6 billion. It means that the fund manager is having 2.5% of BTC supply which counts around “18,522,937 according to CoinMarketCap.”

Grayscale is not only a single investment company to invest in cryptocurrency but many other companies have shown their interest by purchasing Bitcoin. For instance, MicroStrategy has invested more than $400 million in Bitcoin. Similarly, payment company Square also purchased Bitcoin as a hedge investment tool against high inflation situation.

The latest entry of PayPal has made everyone in the crypto community wondered and puzzled as the payment giant has access all over the world. With this adoption, cryptocurrency will see an exponential increase. Based on the opinions and views of the market experts, the banks will have to get quick in the development and launch of cryptocurrency, and if they don’t get on the crypto ramp, they will be left behind.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Amazon Currently has No Plans to Accept Bitcoin Payments

Bitcoin mania is on the rise as bullish signals approach; Bitcoin had seen some very hard days, especially in the past few months when Elon Musk and China were cracking at it, and most of the investors lost their faith in the cryptocurrency. Bitcoin stayed closer and then below the $30K price range and was […]

New Monero Bug Violates Users’ Transactions Privacy

Monero is a privacy-focused cryptocurrency and is already getting some traction from the crypto market and investors alike. But it has been infected with the bug named “Monero,” which consistently bewilders the transaction privacy and credibility for users. The whole point of using cryptocurrency for making transactions and the use of blockchain technology is to […]

UK-based News Agency Claims Amazon is Going to Enable Cryptocurrency Payments

Amazon is the fourth-largest company in the world in terms of annual revenue generation. The retail giant was caught by a cloud of rumor mongers who connected Amazon with cryptocurrencies like Bitcoin. The root cause of the rumors was a series of job postings by Amazon that show vacancies for blockchain and digital payment experts. […]

Polkadot (DOT) Targets $17 on a Bullish Set-Up

Briefly – DOT has recovered almost 40% from its weekly lows, targeting $17. DOT’s price tries to prevent the declining wedge. The RSI overpowers a five-month trend-line. Polkadot (DOT) Price Analysis Though Polkadot (DOT) has been here for not that long, it has enjoyed massive adoption by crypto advocates. That is because of the solutions […]

Crypto Market Recovers as Bitcoin’s Price Surges

After witnessing a downfall in the last few months, Bitcoin is once again on the rise. Today marks the third consecutive day that showed Bitcoin price movement improving. In the same period, Bitcoin has improved by 4.11% and added a weight of $1,705 to the price list. At press time, Bitcoin is valued at $34,411 […]