New York-based crypto-fund manager, Grayscale has managed to grow its assets under management by more than $1.2 billion in 24 hours and $3.3 billion in less than four days.
According to an update posted to Grayscale’s Twitter account on October 5, Assets Under Management (AUM) for its cryptocurrency-related products now stands at $44.8 billion. This compares to $43.6 billion the previous day and $41.5 billion on October 1.
Investments into the company’s flagship product, Grayscale Bitcoin Trust (GBTC) ballooned to $32.3 billion, up from $29.9 billion four days ago. In addition, following the solid performance in October, Grayscale® Ethereum Trust saw a record $10.72 billion.
The impressive data comes amid a remarkable bull run for cryptocurrencies that have seen Bitcoin eclipse $55,500 today, up by over a third in just a week. The sudden recovery has helped Grayscale grow its assets under management by nearly 30 percent from $34.6 billion reported at the end of July, the largest sequential increase since 2020.
Besides institutional investors, which accounted for 90 percent of the total investment in the third quarter, Grayscale said accredited individuals, retirement accounts and family offices increased their involvement.
Grayscale’s other products have also outperformed, with Bitcoin Cash, Litecoin, and Ethereum Classic products combined have exceeded $1 billion of inflows this month. Thanks to the recovery in prices, volume in Grayscale’s Digital Large Cap product (GDLC) also rose to $532 million.
According to Grayscale, the figures show strong and sustained evidence that institutional investors, dominated by asset managers, are increasing their digital asset exposure despite a historically tumultuous market.
The company’s publicly-traded funds offer institutional investors the opportunity to trade crypto on the stock market, with most of the funds poured into the Grayscale Bitcoin Trust.
Grayscale Investments, a unit of Barry Silbert’s Digital Currency Group, announced earlier this year a major shift in its executive leadership. The company’s longtime Managing Director, Michael Sonnenshein has been handed the job of leading the world’s biggest crypto-fund manager.
The former Barclays analyst assumed the post of Chief Executive as Grayscale Founder, Barry Silbert stepped down to focus on his other initiatives including OTC crypto trader, Genesis Trading and cryptocurrency news site, CoinDesk.