2 November 2024
Grayscale Breaks Record As Bitcoin Trust Add $1B In A Week
Once again Grayscale has broken all the previous records with its Bitcoin Trust as the company has attracted inflows of over $1 billion in BTC from institutional clients in a week. The company is also planning to launch several new cryptocurrency trusts for Chainlink, Tezos, and more.
Earlier, the news website CryptoPOtato had reported that the leading digital asset manager registered its best quarter to date in Q4 2020 with the most substantial inflow quantities. Bitcoin Trust was the major reason for those funds.
The record inflows from institutional investors lead Grayscale to accumulate massive quantities of BTC. Currently, the company is holding over 3% of all bitcoins ever to exist. The new CEO of Grayscale, Michael Sonnenshein is a perfect example of the significant demand from institutional clients for the Bitcoin Trust. He reported to the SEC that t such investors have allocated almost $1.3 billion in GBTC in just one week.
Grayscale also provides products for several other cryptocurrencies which includes Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and more. Recently, the company has dissolve XRP after Trust following the SEC charges against Ripple.
The institution customers could have new products soon. The Delaware Trust Company, listed as Grayscale’s “statutory trustee” for Delaware, has filed documents with the state’s corporations registry to establish trusts for five digital assets.
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