Digital Assets: Grayscale Reports A Blow-Out Third Quarter; Nabs $1.05B Inflows
Q3 was Grayscale’s third consecutive record-breaking quarter.
Grayscale Investments, the largest asset manager of digital currencies in the world, said it gained $1.05 billion of inflows into its digital investment products during the third quarter of 2020. It was the biggest quarterly inflow in the firm’s history. (Medium)
Key highlights from the asset manager’s Q3 report
- The star performer was the Grayscale Bitcoin Trust, which garnered inflows of $ 719.3 million. Year to date the assets of this trust have surged from $ 1.9 billion to $ 4.8 billion. Though the trust is not an ETP or ETF, in comparison with these products the Bitcoin Trust would rank as the third fastest-growing product this year.
- The firm offers digital currency-based products other than bitcoin too. Among these so-called alternative products, Grayscale Bitcoin Cash Trust, Grayscale Litecoin Trust, and Grayscale Digital Large Cap Fund enjoyed “unprecedented demand.” Inflows for these products jumped more than 1,400% quarter on quarter.
- During the third quarter, the asset manager’s bitcoin inflows were equivalent to about 77% of all the bitcoin mined in that period, up from about 70% in the second quarter.
- Institutional investors accounted for the lion’s share of investment during the quarter – as much as 81%.
- As of September 30, Grayscale Investments’ AUM across its 10 products was approximately $ 5.9 billion.
Related Story: “Bitcoin Is An Uncorrelated Asset,” Says Fidelity Report
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