Grayscale, the largest U.S. asset manager, topped $ 50 billion in managed assets for the first time. Grayscale’s assets under AUM are close to $ 57 billion in holdings from the largest ETFs.
The company plans to migrate to the ETF when the regulations allow it.
If the ETF is actually approved, Grayscale will be the second largest trading ETF after the SPDR Gold stock. GLD is a de facto exchange traded fund for gold (ETF) listed on the stock exchanges in the USA, Mexico, Singapore, Japan and Hong Kong.
Grayscale CEO Michael Sonnenstein tweeted that he believes the Grayscale Bitcoin Fund, or GBTC, is likely to take over GLD in terms of market value within a few months.
Grayscale provides access to cryptocurrency to institutional investors and has a total of about 660,000 BTC, which is 3.5% of today’s Bitcoin supply of 18.68 million. About 655,000 of these are owned by the Grayscale bitcoin fund.
Grayscale handles more than just Bitcoin: Nearly 20% of the company’s managed assets are spread across dozens of other cryptocurrencies, including Ethereum ($ 7.4 billion), Litecoin ($ 405 million), Ethereum Classic ($ 267 million) and Bitcoin Cash. … ($ 234 million). Five more foundations were created last month – MANA Decentraland ($ 18.6M), Livepeer ($ 13M), Filecoin ($ 7.7M), Basic Attention Token ($ 4.8M) and Chainlink ($ 4.5 million).
The company is already the largest digital asset manager in the United States by a large margin, and Pantera, the second largest manager, has only $ 4.3 billion, less than a tenth of the $ 50 billion that Grayscale owns.
Yesterday, the asset manager announced a partnership with Time magazine to produce an encrypted educational video series. The magazine also agreed to receive payments in bitcoin and keep the digital asset on the balance sheet.