Bitcoin And Wall Street Adoption: Grayscale Holds 277k BTC
The mainstream crypto adoption was the primary goal of the industry last year, and it remains the same.
Institutional players have a vital role in this, and that’s why the following piece of news is important.
Grayscale holds about 277k Bitcoin
Grayscale is the largest institutional asset manager in crypto, and it’s now holding about 277k BTC.
The company offers crypto exposure via its Bitcoin backed flagship product, which is called the Grayscale Bitcoin Trust (GBTC). This also offers altcoin trusts, including ETH, XRP, BCH, LTC XLM, ZEC, and more.
According to the latest info coming from the Daily Hodl, the firm released an overview of its cryptos that it has under management.
This highlighted that Ethereum and Ethereum Classic are the second and third most popular coins among investors.
It’s also worth noting that the Grayscale Bitcoin Trust’s popularity went straight to the moon back in 2019 when the company said that the total investment across all the products that it has hit $607.7 million that year.
Institutional investors fuel the company’s growth
The firm said that institutional investors with deep pockets are fueling much of its growth.
71% of 2019 investment came from institutional investors
Client base expanded by 24%, with existing clients accounting for more than 75% of capital raised
36% of Grayscale clients now have allocations to multiple products within the Grayscale product suite
Also, during the Crypto Finance Conference in Switzerland, Grayscale’s managing director Michael Sonnenshein said that finally, we see that institutional money in the world of crypto has arrived.
He also pointed out the fact that Bitcoin “is already eating into gold’s market share.”
He said that “I think one of the areas that’s already underway is taking share of the gold market – or Bitcoin or other digital assets emerging as this digital store of value.”
He also said that gold was great when the world was more physical.
He explained that the world has gone digital, and Bitcoin is the proper digital store of value.
Other than this, the crypto space is also celebrating BTC surpassing the important level of $10k.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.