Grayscale sees unprecedented demand for bitcoin cash after adding $1.5 billion in investments in the third quarter mostly from institutional investors. Following the latest quarterly report, we are reading more on the bitcoin cash demand in our Bitcoin cash news.
Grayscale sees unprecedented demand for Bitcoin Cash as it tweeted a few days ago:
“We just recorded our largest ever quarterly inflows – over $1.0 billion in 3Q20 – making it the third consecutive record-breaking quarter. YTD investment into the Grayscale family of products has surpassed $2.4 billion.”
The company revealed that the total investments into products for the third quarter in 2020 were $1.05 billion noting that most of the investments came from institutional investors that were dominated by hedge funds. In the same quarter, offshore investors accounted for 57% of new investment capital into the products. The total investment into Grayscale products was $1.7 billion in a year period ending on September 30 which was more than double of the $1.2 billion of cumulative inflow into the company’s products from 2013.
Grayscale revealed three products that boosted the unprecedented demand. The company detailed Bitcoin Cash, Litecoin and Digital Large Cap products are the projects that saw massive 10x growth in inflows quarter over the quarter:
“Unprecedented demand for BCH, LTC, and DLC … On average, the aforementioned products saw inflows increase by more than 1,400% quarter-over-quarter. These developments followed FINRA’s verification in July that the required diligence to begin quoting the bitcoin cash and litecoin products … had been complete.”
Grayscale Investment’s total assets under management is now $6.3 billion and the GBTC Trust had the most assets under management after the Ethereum Trust that has $867.7 million and the Digital Large Cap Fund $92.0 million as the company described:
“Investors appear to be interested in digital assets because they have outperformed major indices YTD.”
In the meantime, the company announced that GBTC and the ETH trust attained the status of a Securities and Exchange Commission reporting company. The leading digital currency asset management company, announced today that its Ethereum trust will report directly to the United States Securities And Exchange Commission. Grayscale ETH trust officially became a reporting company to the SEC. Grayscale filed a Form 10 with the regulator a month ago on behalf of the ETH trust to become the second company product which will be designated as a digital currency investment platform that will report to the Commission. The other product is the Grayscale Bitcoin Trust.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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