The world’s largest Bitcoin (BTC) and crypto investment trust reports that its assets under management (AUM) increased by $500 million since the release of its first-quarter report in March.
Grayscale says it now manages $3.7 billion worth of crypto assets on behalf of its clients, marking a new high for the digital asset management firm.
05/08/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $3.7 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC pic.twitter.com/GM0YDAKf4g
— Grayscale (@Grayscale) May 8, 2020
Last year, Grayscale launched a multi-million dollar ad campaign proclaiming Bitcoin is the new digital alternative to gold.
A new report from the company points to growing deficits in the US as a potential boon for BTC and cryptocurrency.
“Denominated by demand, not debt, Bitcoin is a currency immune to supply manipulation. Its supply is capped at 21 million and the rate of issuance is predetermined. These features are viewable in the source code and can be verified by the Bitcoin blockchain.
Today’s macroeconomic environment continues to reinforce that a scarce, digital, non-sovereign form of money may be an attractive place to store value and may serve as a hedge against unrestrained money printing.”
The firm initially entered the crypto space with the Grayscale Bitcoin Trust back in 2013, before rolling out investment products for Ethereum, XRP, Bitcoin Cash, Litecoin and other cryptocurrencies.
The Grayscale Bitcoin Trust comprises 89% of the firm’s assets, followed by the Grayscale Ethereum Trust at 7.5%.
