New York-based crypto fund manager Grayscale Investments has seen the assets it manages grow by $1B USD within a week. 

The firm, which hit the headlines this year for its Bitcoin (BTC) buying spree, says it currently has $7.3B in assets under management (AUM) – up one billion dollars on the $6.3B it managed on 15 October. 

Grayscale’s AUM are largely held in trusts for Bitcoin (BTC) and Ethereum (ETH), and the firm’s digital large cap fund – but its Litecoin (LTC) and Zcash (ZEC) trusts also performed well over the last few days. Additionally the firm also manages smaller amounts of Ethereum Classic (ETC), Horizon (ZEN), Stellar Lumens (XLM), XRP, and Bitcoin Cash (BCH). 

Quite understandably, Grayscale CEO, Barry Silbert, took to Twitter to brag about the result:

Added a cool $300 million in AUM in one day https://t.co/G2lKu6QqxI

— Barry Silbert (@BarrySilbert) October 22, 2020

Grayscale isn’t the only company betting big on Bitcoin and other cryptos right now. As previously reported, just this week major London-listed firm Mode Global Holdings PLC announced plans to put up to 10% of its cash reserves into BTC.

Earlier in the year, Virginia-based business intelligent software company, MicroStrategy, made two large purchases of BTC, one of $250M in August, and another of $175M in September. Meanwhile, Jack Dorsey’s Square has also converted $50M of its reserves into BTC. 

AYO.NEWS says:

Bitcoin has been trying to gain traction to break out of the $11K – $13K zone for some time now, and there have been countless predictions of an imminent bull run to the stars. But, now that we are seeing large firms pay serious attention to the original cryptocurrency (indeed, according to CoinMarketCap figures, Grayscale alone now controls around 2.5% of the total BTC supply), could things finally be about to move?

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