Greyscale crossed the $3 Billion range in total asset management thanks to the spike in the bitcoin price so in today’s altcoin news we find out more what exactly happened.
The price of the number one asset has tripled this year and became the best performing asset class on the market. Investors are taking the chance to pile onto bitcoin and make great returns from the terrific price rally. The latest data from the company shows that Greyscale crossed the $13 billion level in total asset under management since now analysts expected the institutional investors to get into the crypto-pool this year and this has been the case so far.
Greyscale reported back in May that the hedge funds are now free on a buying spree. In the first quarter of this year, the inflows in Greyscale shot up by $24 million compared to the previous $1milion in Q4 back in 2018. The company also added another 56% of its total investments during the quarter which was driven by the hedge fund inflows leading up to a 42% jump in the company’s inflows. The publicly-quoted bitcoin trust of Greyscale seems to be a great benefit for the company and the product accounted for more than $2.85 billion of the total asset under management of the company as noted in the latest cryptocurrency news,
Greyscale seems to be driving the current investment vehicle in order not to miss out on the massive gains since bitcoin could be the best delivery. The AUM of Greyscale stood at $1.3 billion at the start of May so the investment company has seen a massive increase in the assets under management thanks to the bitcoin parabolic rally.
The price of bitcoin has rallied incredibly this year despite the tensions on the stock market that fears the investors. The position of bitcoin is now cemented and considered as a safe-haven asset which gives the hedge funds a new asset class to invest in other than gold. This is why institutional investors are inclined towards bitcoin as an investment. Fidelity, for example, started a bitcoin custody service for its customers. Later the company found out that 72 percent of the investors prefer purchasing investment products with digital assets.
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