Grayscale Acquires $300 Million Digital Assets In a Single Day
Crypto Guide
Live News
Bigrock [CPS] IN

Grayscale Acquires $300 Million Digital Assets In a Single Day

October 23, 2020      Jafrin Ahmed

Crypto fund manager Grayscale Investments has acquired yesterday $300 million in digital assets. As of Oct. 22, the total net asset held under management is up by $7.3 billion.

Acquisition Brought 3.79% Rise With AUM of $6.03 Billion

The recent acquisition spiked up by 3.79% with an asset under management of $6.03 billion. The last time such a high peak was observed was during a 7.56% jump in Grayscale Litecoin Trust that increased its AUM by $34.4 million. While Grayscale Ethereum Trust saw a 4.98% rise with assets under management of $942.3 million.

The funds are mostly held in Grayscale’s trusts for Bitcoin (BTC) and Ether (ETH), along with Grayscale’s digital large-cap fund. The company’s CEO Barry Silbert took to his Twitter account to update on the acquisition, shortly following the company’s official announcement.

The digital asset company brought a whopping $1 billion investment in cryptocurrency assets within a week, as revealed in this month’s quarterly report. Grayscale has also revealed that around 81% of its product investments come from institutional investors.

READ  Grayscale Report Promotes Bitcoin Against Central Bank’s Fiat Money

Grayscale Continue Breaking Records

According to CoinMarketCap, Grayscale’s Bitcoin Trust holds 2.5% of the total coin supply, currently at 18,522,937. The total Bitcoin supply is capped at 21 million, signifying there are still 2.5 million Bitcoins left to be mined, or 11.9% of the total BTC.

Grayscale reported that its Litecoin (LTC) Trust had increased the most since the previous day’s report, by more than 7.5%. Meanwhile, its Zcash (ZEC) Trust increased by more than 6% at the same time. The digital asset company also has a small stakeholding in Ethereum Classic (ETC), Horizen (ZEN), Stellar Lumens (XLM), XRP, and Bitcoin Cash (BCH).

Grayscale has recently joined along the likes of major financial institutions to invest in cryptocurrencies. MicroStrategy had recently purchased a $415 million BTC digital asset manager followed by CoinShares acquisition of 69,730 BTC as of last week. CoinShare’s recent BTC splurge is currently worth more than $900 million following Bitcoin crossing the $13,000 mark at the time of publication.

READ  IOHK, Cardano Parent Launches Daedalus for ADA Users
#Barry Silbert #Digital Assets #Grayscale #Grayscale Bitcoin Trust #Grayscale Litecoin TRust #Institutional Investments
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Being a HODLer she takes a keen interest in following the volatile Bitcoin charts. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.