Grayscale Investments, the number one cryptocurrency asset management, has surpassed $13 billion in AUM on Dec. 15.
It has managed to add $1 billion worth of inflows in less than a month, benefiting from the revival of the cryptocurrency industry.
Bitcoin keeps its huge lead
The firm’s Grayscale Bitcoin Trust (GBTC) accounts for 83 percent of the above-mentioned $13 billion figure, remaining by far the most popular option for cryptocurrency investors.
However, as noted by Grayscale’s managing director Michael Sonnenshein, they are also seeing new “Ethereum-only” investors.
“Over the course of 2020, we are seeing a new group of investors who are Ethereum-first and in some cases Ethereum-only. There’s a growing conviction around ETH as an asset class. The development of the asset class has continued to solidify itself.”
In just one month, Grayscale managed to accumulate 365,000 ETH ($213 million at press time). Overall, Grayscale Ethereum Trust (ETHE) manages $1.7 billion worth of ETH.
Racing ahead of Ethereum Classic, Litecoin is currently the firm’s third-largest holding with $74.3 million under management.
As noted by Barry Silbert, the CEO of Grayscale’s parent company Digital Currency Group, it took the family of crypto funds only five months to add $5.4 billion worth of inflows.
A strong uptick in investment inflows coincided with a historic Bitcoin rally. The leading cryptocurrency is currently up over 41 percent since Nov. 1.
As reported by U.Today, crypto asset management firms had their second-best week in early December, benefiting from waning demand for gold.