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HomeCrypto NewsMarketFor The First Time Grayscale Surpassed $50 Billion In Cryptocurrency Assets Under Management

For The First Time Grayscale Surpassed $50 Billion In Cryptocurrency Assets Under Management

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The total amount of assets in the Grayscale Crypto Investment funds reached $50.6 billion. $41.4 billion of the total amount is invested in the Bitcoin trust. The value of the Ethereum-based fund is $7.4 billion.

 

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In total, the company manages 14 trusts, five of which Grayscale launched in March 2021. The new products provided the opportunity to invest in Basic Attention Token, Chainlink, Filecoin, Litecoin and Livepeer.



At the beginning of the year, the firm liquidated the XRP-based trust, substituted by Litecoin (LTC) trust . The decision was influenced by the lawsuit of the US Securities and Exchange Commission (SEC) against Ripple.

Grayscale also intends to convert a Bitcoin trust into an exchange-traded fund (ETF).

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Grayscale CEO Michael Sonnenshein tweeted that he believes the Grayscale Bitcoin Fund, or GBTC, is likely to surpass the GLD fund by market cap in a few months.

Grayscale doesn’t just deal in Bitcoin, with almost 20% of the company’s AUM spread across a dozen other cryptocurrencies including Ethereum ($7.4b), Litecoin ($405m), Ethereum Classic ($267m), and Bitcoin Cash ($234m). In the last month, five more trusts were created — Decentraland’s MANA ($18.6m), Livepeer ($13m), Filecoin ($7.7m), Basic Attention Token ($4.8m) and Chainlink ($4.5m).

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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