The Grayscale cryptocurrency fund recently managed to add close to $1 billion worth of BTC as well as several other altcoins within the past 24 hours. For those who might not know, the Grayscale Bitcoin Trust is an investment product centered around digital currency, and it specializes in offering investors the ability to sell and buy in their very own respective brokerage accounts.
The Grayscale Investments firm had confirmed via its official Twitter account that in addition to its normal service of offering increased exposure to its valued customers regarding various cryptocurrencies, it has also now managed to add approximately $0.8 billion worth of cryptocurrency since yesterday. Also, as of this past Friday, on the 30th of April 2021, Grayscale now holds slightly over $46 billion in cryptocurrency assets under management (AUM).
Multiple AUM for Grayscale
In addition to the Grayscale Bitcoin Trust, there were several others that needed to be observed as well. These included the likes of Grayscale Basic Attention Token Trust, Grayscale Bitcoin Cash Trust, Grayscale Chainlink (LINK) Trust, Grayscale Decentralized Trust, Grayscale Ethereum (ETH) Trust, Grayscale Filecoin Trust, Grayscale Ethereum Classic (ETC) Trust, Grayscale Litecoin (LTC) Trust, Grayscale Horizon Trust, Grayscale Livepeer Trust, Grayscale Zcash Trust, Grayscale Stellar Lumens Trust, and finally the Digital Large Cap Fund of the firm.
It is clear to see that Grayscale is quite invested and well-versed in the world of cryptocurrency, and one would be poised to argue that from a business point of view, it is smart to have established so many ‘trusts’ as it is not wise to place all of our digital eggs into one basket, so to speak. Furthermore, the recent dip in BTC’s price has also resulted in many being forced to proactively consider alternative cryptocurrencies to invest in, chief among which are ETH, BNB, ADA, and DOGE as of late.
Bitcoin’s recent rise
As aforementioned, Bitcoin has not been performing at the level that it was used to just over a month ago when it had managed to reach a new all-time high of over $60,000. Now though, the world’s biggest cryptocurrency by market cap is struggling to regain its former success, and this certainly contributed to Grayscale having to invest not just in Bitcoin but other altcoins as well, just in case.
Nevertheless, Bitcoin has recently managed to improve a little, as it increased in price from around $55,000 to just above $57,100. This jump in price had taken place between this past Thursday and Friday towards the end of April 2021.
In related news, Grayscale has focused its attention towards obtaining considerable amounts of certain specific altcoins this week, namely MANA, LINK, LPT, XLM, and FIL, with the biggest amount purchased being 259,003 worth of XLM.