Grayscale, a well-known investment firm saw its cryptocurrency fund’s worth increase by almost $1 billion in under 12 days according to recent calculations. Grayscale famously invested a considerable amount in the sector through its Assets Under Management (AUM) Approach. The current increase in the market index is rewarding funds heavily who invested in Bitcoin during the last year or so.
Grayscale is an investment firm focusing entirely on digital technologies and currencies and it is aiming to become one of the biggest early bird investors in the sector. It has accumulated considerable assets in the cryptocurrency sector with a multi-billion dollar presence within the wallets. They include the famous June 19 investing day when the company purchased almost 19,879 BTC in one instant. These Bitcoins alone are now worth more than $220 million according to latest price index at press time. Overall, the firm smartly bought the bearish market that preceded the Bitcoin halving process and before the recent price increase, the overall value was worth around $4.1 billion overall including all cryptocurrency investments apart from Bitcoin. They include Ethereum, XRP, Bitcoin Cash, ZCash, Litecoin, Horizon and large cap fund.
Overall, Bitcoin always had a lion’s share of investments coming from Grayscale. Now these investments are serious figures because at one point during its buys leading up to the halving, Grayscale was actually purchasing more Bitcoin than were being created by the system i.e. 12.5 Bitcoin every new block.
The AUM fund from Grayscale hasn’t purchased any Bitcoin officially since back in June 19 when the firm purchased more than 19,000 coins. But, despite the freeze on more buying, the fund has posted na impressive increase of more than $1 billion which represents a net increase of around 24% during these last two weeks alone.
Here is the updated constitution of the fund’s cryptocurrency investments:
Image source: Twitter
Such a bull run is being predicted across the cryptocurrency spectrum ever since the halving actually took place back in May earlier this year. Read about our detailed coverage of the event and previous bitcoin halvings and theirs impact on the price index.
It is believed that if Grayscale continues to rake in profits and increase its overall worth, more institutional investors will jump on the cryptocurrency bandwagon and will aid in the next big bull run. Big investors are often renowned for spotting an upcoming asset class with future potential and cryptocurrencies are right up there with the top ones at the moment.
Featured image source: pixabay.com
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