Cryptocurrency asset manager Grayscale Investments has released its financial report for the third quarter of the year, and revealed it raised $1.05 billion into its investment products, making it the “largest capital inflow in a single quarter in the firm’s history.”
The report details that the Grayscale Bitcoin Trust has kept on leading investment demand, with inflows of $719.3 million in Q3 2020. The trust’s assets under management grew 147% year-to-date. The report reads:
Year-to-date investment into the Grayscale family of products has surpassed $2.4 billion, more than double the $1.2 billion cumulative inflow into the products from 2013-2019.
It adds that demand for other Grayscale products also grew significantly in the third quarter. Other products, excluding Grayscale’s bitcoin product GBTC, accounted for 31% of inflows in the quarter. The report details that the most notable increase in appetite from investors was felt in its Bitcoin Cash and Litecoin trusts, as well as in its Digital Large Cap Fund, which invests in top cryptocurrencies by market cap.
Grayscale points out that these three products saw inflows increase by more than 1,400% quarter-over-quarter, with the majority of the funds to all of its products coming from institutional investors, which accounted for 81% of the investment in Q3.
Investors have also continued to broaden their exposure to cryptoassets, as 57% of the funds came from investors with exposure to various Grayscale products. It’s worth noting Grayscale has been having record inflows throughout 2020, as institutional investors are seemingly slowly moving into crypto.
As of September 30, the cryptocurrency asset manager had around $5.9 billion in assets under management across its 10 products.
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