Grayscale finished 2020 with a huge XRP purchase and had its AUM grew by 10x in one year. The crypto fund manager made its biggest XRP purchase of more than 12 million coins on the last day of the year as we will see in our latest XRP news.
The leading digital asset manager took full advantage of the developments in the crypto space with record-breaking inflows. The company’s asset under management increased by ten times in 2020 to above $20 billion and Grayscale finished 2020 with a large XRP purchase. Founded back in 2013, the fund manager is among the biggest institutional investors to get exposed to BTC and other crypto assets without worrying about storing the assets. The company registered its best year to this date as institutions started entering the field with major purchases.
We did it! $20 billion in AUM to end 2020, up from $2 billion a year ago
Here's to another 10x in 2021! Happy new year everybody https://t.co/KneF4BvPFO
— Barry Silbert (@BarrySilbert) December 31, 2020
According to Grayscale’s Q1 2020 report, the asset manager ended 2019 with an AUM of about $2 billion but the rising popularity of crypto assets and the skyrocketing prices resulted in huge growth to over $20 billion in AUM. Its founder and CEO Barry Silbert outlined the 10x annual growth on his Twitter account. The Grayscale Bitcoin Trust accounts for about $17,5 billion of all the assets while in comparison the second biggest product the ETH Trust has a share of a little over $2 billion.
The strategists from the US multinational investment bank JPMorgan Chase and Co highlighted the crucial role of Grayscale for the crypto industry. The analysts even warned the prices could drop if the inflows in the company’s product decrease. The information shared by the monitoring resources CryptoWhale asserted that Grayscale took advantage of the recent XRP developments with a huge purchase at the end of the year.
The US Securities and Exchange Commission charged Ripple for conducting the $1.3 billion unregistered security offering with many crypto exchanges starting to delist the XRP token with the price crashing about 70% to below $0.20 in a few weeks. CryptoWhale data indicated that Grayscale completed the largest purchase of XRP worth $12.48 million coins on New Year. The asset price reacted fast with a 20% surge which took it to $0.24.
Both Grayscale and BitGo now hold billion worth of crypto assets under custody while the interest from institutional investors sparked once Michael Saylor announced that his company Microstrategy will invest in BTC in the summer.
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Digital assets company BitGo now holds $16 billion in digital assets under custody according to the announcement from one day ago. Grayscale that also invests in Bitcoin, reached the same figure a day later
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