Latest reports show institutional crypto giant Greyscale is expected to reach $10 billion in cryptomeda stakes
At the time of writing, Grayscale has $9.8 billion in assets under management (AUM). At the current rate, this figure is expected to rise to $10 billion soon.
The company announced on Twitter, “Net assets under management, holdings per share and market price per share for our investment products. Total AUM: $9.8 billion”.
Barry Silbert, the founder of Digital Currency Group (Grayscale’s parent company), commented on the update saying, “$200 million is missing.
Grayscale’s investment line allows institutional investors to gain exposure to various cryptomaps in a regulatory-compliant manner. The cryptomoks now on the Grayscale exchange are Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, Stellar, Horizon, Ripple and Zcash.
According to the company’s third quarter report, the sector has seen great growth this year. Grayscale reported that in the third quarter alone, investors bought $1.05 billion in Grayscale Trusts. This is about $100 million more than the previous record of $906 million achieved in the second quarter.
“More institutions invested in 3Q20 than ever before and increased their average allocation from $ 2.2 million in 3Q19 to $ 2.9 million in 3Q20. Institutions comfortable with several products within Grayscale’s product suite had on average almost double the investor commitments for a single product during 3Q20.
The consistent and significant growth in demand for digital assets – shown by Grayscale’s asset growth lenses – continues to support our view that digital assets are an emerging market that should not be ignored”.
The report added that, “as investors become more comfortable with digital assets, we see a greater appetite among Grayscale’s products. Grayscale’s Bitcoin Cash, Litecoin and Digital Large Cap products have seen more than a 10-fold increase in quarter-to-quarter inflows,” he said.
Considering that the company has an average weekly investment of $80.5 million, it won’t be long before Grayscale exceeds the $10 billion mark.