Grayscale’s Bitcoin Trust registers $1,868 million AUM as it gains popularity
Grayscale Investments, the crypto-asset management firm held $2 billion in Assets Under Management [AUM] amid crypto market chaos. In its latest tweet, the firm revealed that on December 20th Bitcoin investing product, Grayscale Bitcoin Trust, which has holdings per share of $6.94, fell by 0.43%. Additionally, GBTC held a $1,868 million AUM. Grayscale Bitcoin Cash Trust which dropped by 0.56% on the same day registered a $3 million AUM.
The underlying cryptocurrency, at press time, was trading at $7,186.3 after a minor fall of 0.04% in the last 24 hours. Bitcoin’s price action has been highly volatile this past month.
Meanwhile, its Ethereum product, ETHE registered $63.3 million Assets Under Management while Ethereum Classic product, ETCG held $35.3 million in AUM. Overall, Grayscale’s Digital Large Cap Fund held $19.8 AUM after a drop of 0.71%.
Grayscale was the company behind the famous #DropGold campaign. As part of the campaign, the firm unveiled its second commercial, in a bid to bring in more investors investing in Bitcoin. The firm is one of the world’s largest digital asset management companies. Despite the introduction of various other derivative products, the firm’s GBTC remains one of the most popular ways to trade Bitcoin. GBTC recorded inflows of $255 million for the third quarter, which is a nearly three-fold increase from the previous quarter. Michael Sonnenshein, Managing Director at Grayscale Investments had recently stated,
“We’re seeing now a real institutionalization of the digital currency asset class, as well as a lot of infrastructure being built around digital assets like Bitcoin. We’re seeing regulators weigh in on digital currencies and ensuring that the right investor protections are in place…we’re seeing legacy financial institutions like Fidelity launching digital currency custodial businesses…these are some of the signals that are super exciting for the investment community.”
Additionally, according to a new report by Charles Schwab, the Bitcoin investment vehicle, GBTC is among the top five equity holdings for Millennials ahead of the likes of Netflix, Microsoft, and Warren Buffett’s conglomerate Berkshire Hathaway and was ranked after industry giants such as Amazon, Apple, Facebook, and Tesla.