Grayscale, one of the largest crypto asset managers, recently announced that it now has $43.3 billion worth of crypto assets under management.
In the official announcement on Twitter, Bitcoin and Ethereum account for over 90% of Grayscale’s crypto assets’ total value. Bitcoin accounts for $36 billion of the current holdings, while Ethereum stands at $5.8 billion. The company has more than 650,000 BTC and 3.17 million ETH. Notably, In the last 30 days, the company has purchased 130 000 ETH.
As per data provided by analytics service Bybt, Grayscale has acquired enormous amounts of various cryptocurrencies, including Litecoin (LTC) and Bitcoin Cash (BCH), following the recent surge in crypto prices.
According to reports, Grayscale acquired about 80% of the total mined Litecoin in February. Currently, the cumulative value of the company’s LTC assets under management is circa $294 million. On March 3, Grayscale bought 1822 BCH worth $955,165 and 80300 ETC worth $895,949. Grayscale’s BCH assets stand at $160 million (290000 BCH). In addition, the company holds ZEN, ZEC, XLM, and Ethereum Classic.
Recently, the company announced that it is planning to add 23 digital assets. This will include Chainlink, Polkadot, Cardano, Aave, and Tezos, among others.
Last year, Grayscale started with just $2 billion in assets. By the end of last year, the company saw over 900% increase in its assets under management to more than $20 billion. At the time, Michael Sonnenshein, CEO at Grayscale, attributed the growth to investment from institutional investors, especially hedge funds investors. In its Q4 2020 report, Grayscale noted that:
“The average commitment among institutions is also growing at a significant pace. The average commitment from institutions was $6.8 million, up from an average of $2.9 million in 3Q20.”
Last month, Grayscale announced its crypto assets under management had passed the $30 billion mark. The firm now offers nine different crypto investment products after closing the XRP trust following the Securities Exchange Commission’s ongoing issues with Ripple.
The remaining products are Grayscale’s Bitcoin Trust, Ethereum Classic Trust, Horizen Trust, Litecoin Trust, Bitcoin Cash Trust, Ethereum Trust, the large-cap digital fund, Stellar Lumens Trust, and Zcash Trust.
Grayscale has the leading Bitcoin Trust in the world. Altshuler Shaham, an Israeli pension company, is among the many investment houses that have invested in the trust. According to reports, the company has sunk $100 million into the Grayscale Bitcoin Trust (GBTC).