Digital asset manager Grayscale Investments has raised more than $700 million in a single day. This stands as the largest daily cryptocurrency asset raised in history. The firm’s total cryptocurrency assets under management have now reached $27 billion in comparison to its previous year of only $2 billion. Grayscale raised more than $3.3 billion across its cryptocurrency investment products in Q4 of 2020.
The CEO of Grayscale Investments, Michael Sonnenshein, tweeted on Jan. 15 that the company has raised more than $700 million, progress from Q4.
In Q4 2020, the digital asset manager had raised $3.3 billion across its cryptocurrency investment products. Its Grayscale Bitcoin Trust remains the most popular product that saw an average of $217 million raised every week from its Q4 report.
In the last quarter, the average weekly investment into all cryptocurrency products of Grayscale stood at nearly $250 million.
Moreover, Grayscale Bitcoin Trust is the largest investment vehicle in terms of value as the company has more than 610,000 Bitcoin, valued at approximately $22 billion. Additionally, it has also included 9,000 Litecoin and 1,000 Bitcoin Cash.
According to an official announcement, Michael Sonnenshein mentioned that the company has seen an increased momentum this year due to the growing demand for digital assets.
The CEO asserted that institutional buyers are getting into cryptocurrencies to minimize the risks associated with inflation.
Sonnenshien’s comments on institutional crypto investors appear to contradict Robert Gutmann, the CEO of New York Digital Investment Group (NYDIG). Previously, Gutmann had claimed that 100 out of 100 of the last conversations that NYDIG has had with investors, it has been about bitcoin and 0% of them have been about any other crypto asset.
The company has seen significant demand from institutional investors in recent months. In its Q4 2020 report, the firm mentioned that 93% of investment came from institutional investors.