Grayscale Investments, the leading digital assets management firm has reported its record-breaking quarter of the year 2020 in which it has seen a massive inflow of cryptocurrency investments. The crypto assets manager has published recently its quarterly report according to which the third quarter of 2020 had been the best-ever quarter for Grayscale.
Over $1 Billion in cryptocurrency investments
As per the quarterly report, the crypto asset manager has seen more than $1 billion in crypto investments added more into its total investments. It is the record inflow of $1.05 billion that Grayscale has witnessed in one quarter. The amount raised in Q3 was more than that of the second quarter of the present year. In the previous quarter, an amount of $905.8 million in investments was gathered by the firm. Before Q3, the first two quarters of 2020 were also marked as the best quarters for Grayscale as well. This means that the firm has reported three consecutive record-breaking quarters in a row.
The Grayscale Bitcoin (BTC) Trust (GBTC) counted for a major portion of this amount raised in the third quarter. Reportedly, Grayscale’s Bitcoin Trust which is the largest fund of the firm has witnessed an inflow of more than $720 million in this quarter. While on the other hand, 31 percent of this amount was contributed by other cryptocurrency products apart from the leading digital currency Bitcoin. The average weekly investment of Bitcoin Trust was $55.3 million while on the other hand, Grayscale’s Ethereum (ETH) Trust’s average weekly investment was $15.6 million in the third quarter.
Moreover, the report revealed that the firm’s Year-to-Date (YTD) investment has jumped above $2.4 billion as well. This is more than double the amount that was raised in the duration from 2013 to 2019. Grayscale saw its total investment reaching $1.2 billion during these years. Now, there are approximately $6 billion in assets under management (AUM) by Grayscale.
Grayscale claimed that 84 percent of this investment has come from institutional investors. This clearly shows that institutional investors have been increasing their interest in the cryptocurrency industry especially in the top-ranked digital currency Bitcoin (BTC).