Grayscale net assets under management continue to grow. The crypto asset management company informed that they are now holding around $13 billion in digital currencies. This shows the large interest there is for Bitcoin (BTC) and other cryptocurrencies in the market. The information was released by the company in a recently posted tweet.
Grayscale Assets Under Management Continue Growing
According to the crypto asset management firm, they now hold $13 billion in crypto on behalf of their clients. The largest product is the Grayscale Bitcoin Trust with $10.82 billion assets under management (AUM).
This is followed by the Grayscale Ethereum Trust with $1.72 billion AUM. The Grayscale Litecoin Trust is the third largest with almost $75 million in AUM. These products are a great way for large and traditional investors to get access to the cryptocurrency market.
According to Bybt, Grayscale purchased $215 million of Ethereum paying $588,13 for each ETH. It is worth mentioning that the Ethereum Trust (ETHE) and its shares represent a tenth of ETH in circulation that are sold at a premium price that it is sometimes more to 100%.
Despite the premium investors have to pay, they are ready to add it to their portfolios. The interest in Bitcoin and other virtual currencies is pushing them to pay a premium just to get exposure to these assets. In addition to it, there is a large number of investors that prefer to use traditional ways of investing in digital currencies rather than purchasing them using a cryptocurrency exchange.
During an interview with Bloomberg, Michael Sonnenshein, the General Manager of Grayscale, said that there has been an increase of investors that want to get exposure only to Ethereum. The second-largest cryptocurrency in the world has been attracting a large number of investors.
At the time of writing this article, Ethereum is the second-largest virtual currency in the world with a valuation of $66 billion and a price per coin of $582. In recent months, Ethereum was able to surpass $600 for a short period of time. Investors are waiting for it to continue its move upwards.
The same is happening with Bitcoin. The largest cryptocurrency has been traded above its all-time high but just for some time. Now, it is time for it to surpass $20,000 and continue with the bull move that started in March 2020. Currently, each BTC can be purchased for $19,140.
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