Crypto Giant Grayscale Now Manages Nearly $60,000,000,000 in Total Assets

Crypto titan Grayscale Investments has nearly $60 billion in total assets under management (AUM) after declining crypto market prices pushed their total down to $58.2 billion as of Friday afternoon.

Grayscale’s assets under management include more than $41.3 billion in the Grayscale Bitcoin Trust and more than $14.5 billion in the company’s Ethereum (ETH) Trust.

Earlier this week, Grayscale briefly surged past SPDR Gold Trust (GLD), the world’s largest gold fund, in terms of AUM. SPDR Gold Shares managed about $58.31 billion in assets as of November 10th, according to YCharts.

Grayscale chief executive Michael Sonnenshein notes on Twitter that the Grayscale Bitcoin Trust (GBTC) also had $473.7 million in notional daily volume this week, more than ProShares Bitcoin Futures exchange-traded fund (ETF), which goes by the ticker BITO.

Last month, Grayscale announced plans to convert GBTC into an ETF. Unlike ProShares’ Bitcoin Futures product, Grayscale filed with the U.S. Securities Exchange Commission (SEC) for a Bitcoin spot ETF, which would track the crypto asset’s current price.

Grayscale initially applied to convert GBTC into an ETF in 2016 before withdrawing the application months later over concerns that the regulatory environment was not ready for such a product.

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Grayscale parent company expands GBTC purchase allocation to $1 billion

According to an announcement issued on Wednesday, DCG is now authorized to buy up to $1 billion worth of Grayscale Bitcoin Trust (GBTC).

This development extends DCG’s prior authorization by $250 million if they choose to do so. Indeed, DCG has so far purchased $338 million in GBTC, according to the company’s announcement on Wednesday.

As previously reported by Cointelegraph, DCG had purchased $193.5 million worth of GBTC shares back in May 2021. At the time, the firm’s GBTC purchase limit stood at $250 million.

As part of the announcement, DCG revealed that it plans to use cash on hand to facilitate the purchase on the open market under the provisions enshrined in Rule 10b-8 of the Exchange Act.

DCG’s announcement comes on the heels of plans by Grayscale to convert its GBTC product to a Bitcoin (BTC) exchange-traded fund (ETF).

However, such plans depend on the United States Securities and Exchange Commission (SEC) softening its stance on Bitcoin ETFs.

Related: Grayscale confirms Bitcoin ETF plans and adds exposure to Zcash, Stellar Lumens and Horizen to its trusts

SEC chairman Gary Gensler has already spoken in favor of BTC-related ETFs backed by Bitcoin futures rather than those based on the spot price of the cryptocurrency.

Gensler’s comments were part of SEC chairman’s remarks on issues raised about the ProShares’ Bitcoin Strategy ETF that made history on Tuesday as the first BTC-related ETF to launch in the U.S. market.

Apart from its future Bitcoin ETF plans, Grayscale has also added more cryptocurrencies to its catalog of investment products.

Earlier in October, Zcash (ZEC), Stellar Lumens (XM), and Horizen (ZEN) became the latest additions to the firm’s suite of altcoin trusts.

Grayscale Investment’s parent company — Digital Currency Group (DCG) — has extended its purchase allocation for the former’s Bitcoin Trust product.