Grayscale Reaches $19 Billion in Crypto Assets under Management

Grayscale, the world’s largest crypto asset management company, has released its latest numbers and mentioned that the total crypto assets under management have reached $19 billion. Bitcoin remained the largest holding of the company as has more than 600,000 BTC worth above $16 billion.
According to an official on Twitter, Grayscale mentioned that its investment portfolio includes Bitcoin, Ethereum, Litecoin, Stellar, XRP, Zcash, Ethereum Classic and Bitcoin Cash. The asset management firm accumulated more than 73,000 Bitcoin during the last 30 days.
The recent price rally in Bitcoin and Ethereum fueled substantial growth in the value of Grayscale’s crypto assets under management. As of writing, the price of Bitcoin is trading near $27,000 while the price of Ethereum is now hovering at around $735. Ethereum when the price of the second-largest cryptocurrency reached its highest level since 2018.
Grayscale has increased its Bitcoin holding significantly during the last few weeks despite the reason that the company temporarily stopped accepting new investors in its six funds earlier this month. Additionally, the asset manager reported strong interest of US-based investors in other crypto assets.
Crypto Market
The total market cap of cryptocurrencies currently stands at around $720 billion. The crypto market added nearly $100 billion in value after the recent crash following the news of the SEC’s lawsuit against Ripple. The price of XRP crashed following the SEC news. XRP has dropped more than 60% in the last few days after leading crypto exchanges started  the cryptocurrency for US customers. XPR price is currently trading at around $0.20, a significant drop from $0.56 at the start of last week, before the SEC’s decision.
Grayscale’s recent accumulation and strong results indicate that despite the recent turbulent news in the crypto market, there is a growing demand from institutional investors including Wall Street firms as more people have started treating cryptocurrencies as an inflationary hedge against other assets.

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