Grayscale Now Has $40 Billion Worth of Bitcoin under Management

Bitcoin reached an all-time high of nearly $63,000 on Tuesday after the world’s largest digital currency jumped nearly 4% in the last 24 hours. The recent surge in BTC is pushing the total valuation of Grayscale’s digital assets under management to a record high.

According to an official announcement on Twitter, Grayscale now has more than $47.7 billion worth of digital assets under management. The company holds more than 650,000 Bitcoin worth approximately $40 billion. Grayscale is one of the largest institutional holders of BTC.

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Ethereum is the second-largest holding of Grayscale as the asset manager has over 3.17 million ETH worth nearly $6.8 billion. Ethereum also registered an all-time high of $2,220 today after a surge of more than 5% in the last 7 days. Ethereum currently has a market cap of $255 billion, just behind Bitcoin.

According to a report published by CoinShares, the cryptocurrency investment products attracted a total of $83 million last week. “Bitcoin and Ethereum saw inflows of $55 million and $22 million respectively. The multi-asset investment products saw inflows of $8 million last week, the largest since February 2021. This coupled with Ethereum’s rise in popularity indicates investors are beginning to turn their focus onto alternative digital assets,” CoinShares mentioned in the report.

Growing Popularity of Bitcoin and Ethereum

BTC and ETH are getting popular among institutional investors. TIME Magazine and Grayscale announced a partnership yesterday and mentioned that the media giant has agreed to receive payments in Bitcoin. Last week, Meitu, a leading Chinese app developer, announced that the company has nearly $100 million worth of Bitcoin and Ethereum. Despite the fact that Bitcoin’s market dominance has reached its lowest level since April 2019, the on-chain activity of BTC has increased above the $1 trillion market cap.

Apart from Bitcoin and Ethereum, Grayscale has several other investment trusts including Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH), Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL) and Livepeer (LPT) investment trusts.

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