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.
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.
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