Wednesday, July 28, 2021
Home Crypto News Market For The First Time Grayscale Surpassed $50 Billion In Cryptocurrency Assets Under...

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.

 

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).

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).

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Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

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