The well-known American crypto asset manager Grayscale has been busy again in recent days! The Grayscale funds bought almost $ 1 billion worth of crypto. This is evident from a Twitter update from the company.
Investors can invest in crypto through Grayscale funds without having to own the crypto themselves. This makes it a safe option without much hassle about tax and other vague regulations in the United States.
Only accredited investors are allowed to invest in the funds. Trends that can be observed regarding the capital inflows into these funds can therefore be used as a gauge of institutional interest in the crypto market.
On April 20, Grayscale posted the following update on its Twitter channel:
In total, the crypto in Grayscale’s funds was worth $ 44.9 billion. $ 36.17 billion of that was made up of bitcoin (BTC), the largest fund. 24 hours later this update was published:
The assets under management thus grew in value by $ 900 million in 24 hours. Of course, these figures depend on the prices of the cryptocurrencies in question. However, data from Bybt shows that Grayscale has mainly stocked smaller altcoins in the past 7 days.
For example, it bought 259,424 basic attention tokens (BAT), 278,206 decentraland (MANA) and 71,035 stellar (XLM) in a week. In the same time frame, it just sold 249 bitcoins and 1,521 ethereum (ETH).
Last week, TIME Magazine and Grayscale agreed to collaborate on a series of educational videos about crypto. TIME Magazine will be paid in bitcoin and will hold it in its reserves as well.