Cryptocurrency money manager Grayscale now controls $60 billion worth of digital assets, according to the firm's Wednesday update.
It has now surpassed SPDR Gold Shares, the biggest and most liquid gold exchange-traded fund in the world, in terms of assets under management.
Grayscale's AUM just topped $60 billion, and they've flippened the world's largest gold fund.— Kevin Rooke (@kerooke) November 11, 2021
SPDR Gold Shares has an AUM of $58.3 billion.
Guess the #DropGold campaign worked...
Grayscale Bitcoin Trust accounts for 71% of the aforementioned sum with $43.5 billion.
The firm's Ethereum fund comes in a distant second place with $14.8 billion.
Grayscale, which is a subsidiary of venture capital giant Digital Currency Group, filed to convert its Bitcoin fund into an exchange-traded fund on Oct. 19. However, analysts note that the approval of a spot ETF in the U.S. is extremely unlikely for now.
Digital Currency Group is valued at $10 billion as of early November.