HomeCryptoGrayscale +$1 billion in Bitcoin in 24 hours

Grayscale +$1 billion in Bitcoin in 24 hours

Grayscale has increased its assets in Bitcoin and cryptocurrencies by $1 billion. This may not even seem like news, except that the increase happened in about 24 hours.

Indeed, the company’s official Twitter profile reported on April 8th, 2021 that it had $45.1 billion in cryptocurrencies. Of this, $37.2 billion is held in the Grayscale Bitcoin Trust

The next day, on April 9th, these assets had grown by a billion, with GBTC at $38 billion

Indeed, the Grayscale Bitcoin Trust grew by $800 million, while the Ethereum Trust grew by $200 million

Thus, it is the two cryptocurrencies that are the queens of the market that are responsible for the growth of Grayscale’s assets under management. 

Grayscale, the Bitcoin fund popular with institutional investors

Grayscale is becoming characterized by the increase of its assets under management which probably responds to the growth of demand from institutional investors. Those who choose Grayscale in fact do not directly buy Bitcoin or the other cryptocurrencies, as per the Trust, but trade shares that are exposed to Bitcoin and crypto. 

Therefore, the next step for the company, as soon as the SEC allows it, could be to convert its Trusts into ETFs. Not surprisingly, it is looking for staff experienced in exchange-traded funds

In the meantime, the company has increased the number of trusts, and recently added five cryptocurrencies to its basket:

  • Chainlink (LINK);
  • Filecoin (FIL);
  • Basic Attention Token (BAT)
  • Decentraland (MANA);
  • Livepeer LVR). 

Some, such as Filecoin and Basic Attention Token, have experienced a real rally in price since they were added by Grayscale. It is clear that investors who turn to Grayscale, although primarily interested in Bitcoin, are not disdainful of other cryptocurrencies so much so that even these trusts have already raked in millions in less than a month. The most notable are Livepeer, whose trust already manages over $13 million, and Decentraland, which has already raised $18 million.

Eleonora Spagnolo
Eleonora Spagnolo
Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.
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