Grayscale Adds $300M To Cryptocurrency Assets Under Management In A Single Day

Grayscale Investments assets under management rose by $300 million in a single day on Thursday, according to the company's CEO Barry Silbert.

What Happened: The net assets under management of Grayscale grew to $7.3 billion as of Oct. 22. The company’s Grayscale Bitcoin Trust GBTC saw a 3.79% rise, with an AUM of $6.03 billion.

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

— Barry Silbert (@BarrySilbert) October 22, 2020

The largest day change at 7.56% was observed in the Grayscale Litecoin Trust LTCN, with AUM rising to $34.4 million.

Grayscale Ethereum Trust’s ETHE rose 4.98% with an AUM of $942.3 million.

Why It Matters: The New York-based company said earlier this month it had received $1.05 billion inflows into its cryptocurrency investment products in the third quarter.

Grayscale said 81% of investment in the firm’s products came from institutional investors. 

On Wednesday, PayPal Holdings Inc PYPL said it would allow its users in the United States to buy, sell, and hold cryptocurrencies.

Earlier in October, Square Inc SQ said it had purchased $50 million in Bitcoin with CEO Jack Dorsey terming it a “manifestation” of an internet currency.

The news cycle has emboldened Bitcoin bulls and led to a nearly 14% appreciation in the value of the apex cryptocurrency over a 7-day period, as per CoinMarketCap data. 

Price Action: Bitcoin traded 0.65% higher at $12,897.41, while Ethereum traded 4.37% higher at $413.48 at press time.