Grayscale cryptocurrencies under management (AUM) broke the $ 10 billion mark for the first time as the prices of Bitcoin, Ethereum and other major cryptocurrencies continue to rise.
Grayscale is one of the largest institutional investors in the cryptocurrency industry. The company is enjoying the recent market rally and revealed that it now has over $ 10 billion worth of crypto assets under management.
The the fund manager tweeted “UPDATE 11/17/20: Net Assets Under Management, Holdings Per Share, and Market Price Per Share for Our Investment Products. Total AUM: $ 10.4 billion.” The grayscale has reached the $ 10 billion mark by investing in a wide range of cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP) , Zcash (ZEC), Horizen (ZEN), Litecoin (LTC) and Stellar Lumen (XLM).
Bitcoin is at the forefront of performance, with the cryptocurrency already up by more than 70% in the current quarter. BTC has risen nearly 10% in the past 24 hours, with ETH (5.9%), LTC (2%), BCH (1.6%) and XRP (1.2%) all posting good gains in the past hours.
Bitcoin is currently trading at $ 18,250 per coin and is looking to hit its previous all-time high of $ 20,000 over the next few days or weeks.
According to the company’s November report, Grayscale’s cryptocurrency assets have grown from $ 7.6 billion on October 30 to $ 10.4 billion currently. The rising price of cryptocurrencies has been the main driver of the company’s crypto AUM rise. However, grayscale also benefited from investment inflows.
Chief Executive Officer Michael Sonnenshein tweeted Friday that Grayscale raised $ 262.3 million last week. This was the largest capital raised in a week by the company since it started operating. The grayscale has steadily increased its cryptocurrency portfolio over the years.
Grayscale’s cryptocurrencies are held in nine single-asset investment trusts and a diversified fund. The shares of these investment vehicles are not open to the public but are offered directly to accredited investors. However, Grayscale allows some of the shares to be publicly traded on over-the-counter markets.
The company’s cryptocurrency portfolio could rise in the coming weeks as industry experts and analysts believe Bitcoin could set a new all-time high before the end of the year. Some believe the market could see a slight correction before BTC reaches its previous all-time high of $ 19,783.