Grayscale continues to accumulate cryptocurrency for its clients
The news was noted in one of Grayscale’s usual updates, which details the nature of its funds under management. These currently exceed $ 60 billion, a record for the company.
By far the most represented asset is the Grayscale Bitcoin Trust. It brings together $ 43.5 billion, or 72% of the company’s funds under management. It is followed by the Ethereum trust, which brings together $ 14.8 billion.
The other Grayscale trusts follow very far behind. In third position, we find its fund dedicated to large caps, which brings together several assets ($ 715 million). Among funds based on a single cryptocurrency, Ethereum Classic (ETC) dominates with $ 756 million, then Litecoin (LTC), with $ 433 million.
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A plebiscite for cryptocurrency funds against gold?
Grayscale’s funds under management now overtake the largest gold-based fund, the SPDR Gold Shares, which replicates the performance of the yellow metal. The comparison is timely, on the one hand because cryptocurrencies are increasingly seen as a safe haven, like gold.
On the other hand, because Grayscale has made the gold / crypto opposition its hobbyhorse. The giant encourages institutional investors to “drop the gold” thanks to a marketing campaign initiated last year.
A global trend
Moreover, the trend is not only observable at Grayscale. A JPMorgan report released last month indicated that institutional investors appeared to be turning away from gold in favor of Bitcoin. He explained:
” [Les institutionnels] seem to be returning to Bitcoin, as they perhaps see it as a better hedge against inflation than gold. “
In addition, billionaire Paul Tudor Jones recently explained that he shared this opinion:
“[Le BTC]has my preference over gold at the moment. […] There is clearly a space for crypto. She is clearly winning the race against gold right now. “
In any case, Grayscale will not contradict him. The firm intends to consolidate its position in the coming months, in particular by transforming its Bitcoin trust into an ETF.
👉 To read – Morgan Stanley doubles its exposure to Bitcoin (BTC) via the Grayscale trust
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About the author: Marine Debelloir
Associate Editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.