Share this article
Grayscale’s Bitcoin fund GBTC recorded the largest inflow of around $215 million in the week ending Oct. 29.
Focused on institutions, the uptick indicates a continued appetite for crypto among traditional financial players.
Grayscale’s Bitcoin, Ethereum Funds Attract Institutions
Grayscale Investments LLC offers accredited investors the opportunity to invest in digital currencies via share indices backed by digital assets.
GBTC shares represent Bitcoin holdings in the trust fund. The trust adds Bitcoin equivalent to the share value issued by the investment fund.
Last week, GBTC added 15,907 Bitcoins worth $215 million, reporting a consistent rise in the number of shares issued. The total GBTC now under management (AUM) is $6.41 billion.
Apart from Bitcoin, the firm also offers investment in other cryptocurrencies like Ethereum, Bitcoin Cash, Litecoin, Ethereum Classic, Zcash, XRP, Stellar Lumens, and Horizen.
Grayscale’s Ethereum fund (ETHE) has also shown a linear rise in investment since April 2020. The fund added 75,419 ETH worth $28.5M to its treasury yesterday, extending ETHE AUM to $914.9M.
Ethereum leads other altcoins with 12% of the total AUM—GBTC accounts for 86.6%.
Given that investment in Grayscale’s product is only limited to accredited investors, the rising GBTC and ETHE shares indicate positive institutional inflow.
Institutions Rush to Bitcoin, Grayscale’s Record-Breaking Q3
Between July to September, Grayscale saw $1.05 billion going into its investment products, the bulk of which went into Bitcoin. This was the third consecutive record-breaking quarter for the company. Grayscale…
Bitcoin and Ethereum HODLers Step in to Save Market
Market leaders Bitcoin and Ethereum are setting the stage for a comeback as data indicates that investors are accumulating BTC and ETH. Clear Trend Ahead? The balance of BTC on…
How Realistic Is $1 Million Bitcoin?
Massive global quantitative easing has reignited price predictions for $1 million Bitcoin. Even in light of the coronavirus pandemic, are these prices realistic? Calls for $1 Million BTC by 2025…