It was just announced that, for the first time ever, major US asset manager Grayscale has exceeded $50 billion in crypto assets under management. Grayscale’s AUM is getting closer to the $57 billion holdings of the largest commodity ETF. The firm plans to convert into an ETF when regulations permit it.
In case the ETF is approved, Grayscale would become the second-largest commodity ETF, behind only SPDR Gold Shares. The CEO of Grayscale, Michael Sonnenshein, wrote on Twitter that he predicts the Grayscale Bitcoin Fund (GBTC) would surpass the GLD fund by market cap in the next few months.
Grayscale offers crypto exposure to institutional investors. It currently holds around 660,000 BTC in total – this represents 3.5% of the total circulating supply of Bitcoin. About 655,000 of these are placed in the Grayscale Bitcoin Trust.
The company doesn’t work only with Bitcoin, as approximately 20% of its AUM is spread across other cryptos, including Ethereum, Ethereum Classic, Litecoin, and Bitcoin Cash.
Source: Cointelegraph.com