There Are $1.1 Billion In Grayscale Crypto Funds — Barry Silbert
Barry Silbert, the head of Grayscale Investments, tweeted that the total market value of crypto assets under management of the company rose to $1.1 billion. The table attached to the post shows that more than 90% of the funds are in the Grayscale bitcoin trust ($999.1 million).
The company manages several funds oriented on bitcoin, ether, Litecoin, Stellar, Ripple, Zcash, and other cryptocurrencies that allow investors to buy and sell securities the value of which is pegged to this or that asset. Traders can play on changes in the exchange rate of cryptos without actually buying or storing them on their wallets.
According to Grayscale, the volume of assets under management was equal to $940 billion back on April 1. However, the very next day, thanks to a sudden bitcoin surge (from $4120 to about $4830 — CoinMarketCap data), the total amount of deposits exceeded one billion dollars again.
At the end of last year, the cost of Grayscale Bitcoin Investment Trust fell below $1 billion, reaching the minimum annual value. However, the company recorded a maximum number of deposits in bitcoins. It should be reminded that the rate of the first cryptocurrency fell to catastrophically low values on some days in December 2018. For instance, it was traded at $3200 on December 15, according to CoinMarketCap. Before that, it had been steadily kept at around $6500 for several months.
It was also reported that Grayscale manages 203,000 BTC — just a little bit over 1% of the total first cryptocurrency emission available on the global market.
Earlier, Mike Novogratz, the founder of Galaxy Digital, stated that bitcoin capitalization would exceed the volume of the gold market in 20 years.