Grayscale Now Holds $7 Bln in Bitcoin and Other Crypto Assets: Founder Barry Silbert

News
Thu, 10/22/2020 - 12:30
article image
Yuri Molchan
Grayscale Investments now holds $7,000,000,000 in crypto assets under management, according to a tweet by its founder and CEO Barry Silbert
Grayscale Now Holds $7 Bln in Bitcoin and Other Crypto Assets: Founder Barry Silbert
Cover image via www.instagram.com
Contents

Grayscale Investments founder and chief executive officer, Barry Silbert, has announced that Grayscale has reached a new milestone, now managing a whopping $7 bln worth of digital assets.

Grayscale now has $7 bln in crypto

Major crypto investment company Grayscale has demonstrated a sharp increase in funds attracted from investors.

As reported earlier by U.Today, in its Q3 report the company shared that the amount of investor funds they were managing had totaled $1.05 bln.

Compared to Q2, it was a much larger amount as the company managed to surpass the $1 bln mark. The Q2 figure was $905.8 mln.

The report came out on Oct. 14. Meanwhile, it was earlier reported that Grayscale already held around $5 bln in Bitcoin in management.

Grayscale ETPs demonstrate underperformance

This year, Grayscale has been absorbing Bitcoin on a large scale; in Q3, the company accumulated 77 percent of all BTC mined during that period.

Barry Silbert also spread the word that Grayscale now holds two percent of all Ethereum coins in circulation.

However, according to the recent report by CryptoCompare, crypto ETPs (exchange-traded products) offered by Grayscale have underperformed compared to the ETC Group and Wisdom Tree.

Related Bitcoin Reverses to Break Above $13,000 Level
Related
Bitcoin Reverses to Break Above $13,000 Level

Companies start hunting Bitcoin as an inflation hedge

As of late, several top-of-the-line companies have made a serious bet on Bitcoin as an inflation hedge. The first among them was MicroStrategy, later joined by Square under the leadership of Twitter CEO Jack Dorsey.

Today, Bitcoin has surged to break above the $13,000 level again (it also did so on Oct. 21) due to the cumulative effect of new institutional investors entering Bitcoin.

PayPal does not provide private keys to BTC wallets

The major drive, however, has been the news of global payments giant PayPal providing millions of its clients the ability to hold and trade Bitcoin (as well as ETH, BCH and LTC) in its digital wallets.

However, users are unable to withdraw their crypto to other platforms or wallets from PayPal, nor can they deposit any BTC or other crypto to their wallets.

Nor does PayPal provide its users with private keys to their BTC.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.