In its latest update, digital asset management Company Grayscale announces the total value of assets under management has surpassed $9 billion. In 2020, the investment firm has witnessed a clear growth as a result of institutional funding.
$500 Million in a Single Day
According to Grayscale, the assets under management have exceeded $9 billion in value, which is the highest figure so far over the investment platform. After the company’s update, Barry Silbert, tweeted in which he acknowledged that $500 million has been added in just one day. Silbert is the Chief Executive and founder of Grayscale’s parent company Digital Currency Group.
According to the provided data, the Bitcoin trust of the Grayscale is standing at $7.6 billion which is the largest trust in terms of investment funding. The trust has witnessed a growth of $1.6 billion in the first half of the year. Ethereum trust comes at the second number, which is now holding assets under management worth $1.1 billion. It has also gained a reputation among institutional investors as it has received more than $58 million this year. It may catch more investments from the institutional investors as the new update, known as ETH 2.0, can push the price value upward.
Besides Bitcoin and Ethereum Trust, Ethereum Classic and Bitcoin Cash Trusts are also present which hold $64.8 and $46 million respectively in assets under management.
The latest growth in assets under management unveils that the interest of institutional investors has sparked in 2020. Grayscale is not the only investment firm that has attracted investment this year. For instance, Microstrategy is also an investment firm that invested more than $400 million in top digital asset Bitcoin. According to Microstrategy’s CEO Michael Saylor, Bitcoin is the best hedge investment tool similar to gold. Twitter CEO Jack Dorsey-led payment company has also invested $50 million in Bitcoin.
Big tech giants, who were rejecting cryptocurrency and blockchain in the past, have also recognized the potential. According to market experts and analysts, Bitcoin will finish the year by claiming $20,000, the all-time high value.