Wall Street Pours $237 Million Into Crypto, Forbes Says Bitcoin Whales Are Gearing Up for Bull Run
Crypto investment firm Grayscale says it raised $359.5 million in 2018. The company manages several cryptocurrency investment trusts, covering Bitcoin, Ethereum, XRP, Bitcoin Cash, Ethereum Classic, Litecoin, Stellar, Zcash and Horizen. It now has $793.7 million in assets under management.
About 66% – or $237 million – of last year’s raise came from institutional investors. The firm, which opened in 2013, calls it the best calendar year on record.
2/13/19 UPDATE: Holdings per share and net assets under management for our investment products
— Grayscale (@GrayscaleInvest) February 13, 2019
But the firm didn’t escape the crypto bear market unscathed. The company says the last three months of 2018 were below average. It raised a total of $30.1 million in the fourth quarter last year, well behind 2017’s record pace for the same quarter at $95.4 million.
Despite the drop-off, Grayscale says its continued success shows institutional investors still have confidence in Bitcoin.
A new article from Forbes says Grayscale and other institutions that are betting on crypto – Fidelity, Intercontinental Exchange, Square – show big Bitcoin supporters are quietly gearing up for the next bull run.
The report also highlights the strength of Bitcoin’s fundamentals, such as low transaction fees and a new report from crypto research firm Diar that shows BTC transactions hit an all-time high in January.