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Bitcoin Bull Run Pushes Grayscales AUM to Over $27 BillionĀ 

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Bitcoin Bull Run Pushes Grayscales AUM to Over $27 BillionĀ 

Grayscale CEO, Michael Sonnenshein has taken to Twitter to reveal that the firm raised a massive $700 million on January 15, 2021, a feat that has never been reached previously in a single day by the company. The asset management firm now has $27.1 billion in assets under management, from just an AUM of under $2 billion at the beginning of last year.

Bitcoin Price Surge Sends Grayscale to the MoonĀ 

Indeed, this seasonā€™s bull run is one like no other, as it is being fueled by institutional investors like MicroStrategy, Grayscale, and a host of others, who now appear to be reaping bounty harvests from their investments.Ā 

In the latest development, Michael Sonnenshein, the CEO of Grayscale, aĀ  New York-based digital currency investment and cryptocurrency asset management company, has revealed that the company for the first time in its history, successfully raised $700 million on January 15, 2021, from its crypto investments, a milestone it has never achieved previously in a single trading day.Ā 

He tweeted:

As reported by BTCManager, Ā last December, Grayscale increased its ether holding by a massive $215 million, taking the total value of its Ethereum Trusts (ETHE) shares to $1.6 billion at the time.

Ā The NumbersĀ 

In Q4 2020, when the current crypto markets bull run was just beginning to gain momentum, Grayscaleā€™s crypto investment vehicles reportedly generated $3.3 billion for the 8-year-old company, with its Bitcoin Trust leading the pack with an average of $217 million weekly increase.

With its latest increase, Grayscale now has a total of $27.1 billion under management, from just $2 billion at the beginning of last year.

Commenting of Grayscaleā€™s impressive achievement, Eric Balchunas, Bloombergā€™s senior ETF analyst compared the firmā€™s performance to that of ARK Innovation ETF, the best performing growth fund in the traditional investment world last year.

In his words:

ā€œThe similarities are pretty amazing. I think both hung in relative oblivion for 3-4 years, had like $2b 12 months ago and then boom, 10x increase. Both defy trends: ARK w stock picking up and grayscale with very high fees and 20% + premiums,ā€ he said.

At press time, the global market capitalization of the entire cryptocurrency market sits at a massive $1.2 trillion, with the bitcoin price trading at $36,297, as seen on CoinMarketCap.

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