Digital asset management company Grayscale Investments announced that $ 300 million of cryptocurrencies have been added to their portfolios through the company’s products in the last 24 hours alone.
Grayscale CEO Barry Silbert shared the company’s portfolio chart post on social media, announcing that $ 300 million worth of cryptocurrency was added to assets under Grayscale management (AUM) in 1 day. According to the post shared, the total amount under Grayscale management climbed to $ 7.3 billion.
Many market commentators argue that the latest development may be effective, as PayPal announced that it will support cryptocurrencies from 2021. The PayPal development has resonated with many people as the “adoption of cryptocurrencies” and has been interpreted as a very positive development in the cryptocurrency industry.
Grayscale AUM status
Most of the assets under management (AUM) at the cryptocurrency fund Grayscale Investments are concentrated in the Grayscale Bitcoin Turst and Grayscale Ethereum Turst products the company provides to manage Bitcoin and Ethereum frosts. However, when looking at other products, certain increases are observed. Litecoin (LTC) Trust increased by 7.5% compared to the previous chart, while Zcash Trust rose more than 6% over the same time period.
Grayscale Bitcoin Turst is currently holding more than $ 6 billion of Bitcoin under management. This is, considering that the total Bitcoin supply in circulation is 18 million 524 thousand 487 according to Coingecko; It means it controls 2.5% of the Grayscale.
The leading altcoin Ethereum is the most funded crypto currency within the company after Bitcoin. Grayscale Ethereum Trust is in second place versus AUM just under $ 1 billion; It is positioned at $ 942 million. This reveals how dominant and by far the most preferred Bitcoin funds within Grayscale.