Grayscale adds $ 300 million worth of cryptocurrency assets under management in just 24 hours

Grayscale Investments said Thursday that it has added $ 300 million in net assets under management (AUM) in the past 24 hours alone.

    • The company now has a record $ 7.3 billion in total AUM, according to a tweet by Barry Silbert, chief executive officer of Digital Currency Group, Grayscale’s parent company.
    • The largest daily increases were reported in the litecoin trust, the value of which increased 8% to $ 34.3 million.
    • The bitcoin trust remains the largest grayscale wallet, up 4% to $ 6 billion. The ETH and BCH trusts increased by 4.9% and 4.6% respectively. Others earned between 2% and 6%.
    • The grayscale has benefited from the growing institutional interest in bitcoin. Paypal’s unexpected plunge into cryptocurrencies this week appears to have ignited the markets.
    • The announcement pushed bitcoin’s price above $ 13,000 on Wednesday, a 2020 high – and so did Grayscale’s trust ratings.
    • The $ 300 million grayscale added represents a significant increase from the $ 1.05 billion in investment accumulated over a full 90-day period during the third quarter of 2020.

As companies’ interest in bitcoin continues to increase, entities focused on institutional investors such as Grayscale are also expected to continue to experience immense growth.

What do you think of the grayscale that adds $ 300 million in one day? Share your views in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

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