- Grayscale, a major cryptocurrency fund manager, has just seen its assets under management climb to $7.3 billion.
- Most of its portfolio is comprised of Bitcoin, but its Litecoin product performed the best in its most recent update.
- The asset manager has now seen its AUM more than double since May.
Grayscale Investments, one of the largest cryptocurrency investment firms and asset managers, has just seen its assets under management (AUM) jump to over $7 billion.
As per a Twitter update posted on October 22, Grayscale added $300 million to its AUM in one day, and now has over $6 billion worth of BTC in its Bitcoin trust, whereas its Ethereum trust now sits at $942 million.
Overall, Grayscale now manages a combined total of $7.3 billion worth of nine different cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP, and Zcash (ZEC).
PayPal’s move into crypto sends prices soaring
Grayscale’s AUM is now up more than $1 billion in the last week. It coincides with a bullish rally in the cryptocurrency market following the news that PayPal will begin supporting cryptocurrency purchases and transfers, and is in talks to potentially purchase BitGo—a digital asset custody platform and the firm behind the Wrapped Bitcoin (WBTC) product.
To put this $7.3 billion figure into perspective, Grayscale had just $3.7 billion in AUM in May, which increased to $5 billion in August, and almost $6 billion last month. If this rate of growth continues, Grayscale could exceed the $10 billion AUM mark by Q1 2021.
Barry Silbert, the CEO and Founder of Grayscale Investments took to Twitter to comment on the recent improvement, saying “added a cool $300 million in AUM in one day”.
As per Grayscale’s most recent update, its Litecoin trust saw the greatest day value change, gaining 7.56% between October 21 and 22. Zcash was close behind with a 6.35% gain over this period, whereas Bitcoin improved by a sizable 3.79%. Stellar Lumens, on the other hand, gained just 1.74% as the worst-performing asset in Grayscale’s product book.