Digital currency investing specialist, Grayscale Investments’ has unveiled that it has been contributing a weekly average investment of about $9.55 million into all of its products. In particular, the Bitcoin Investment Trust, which was launched in 2015 and has made it to the Over-the-Counter (OTC) marketplace, gets the most funding weekly.
Also known as the arm company of the Digital Currency Group, the investment firm made an announcement early July 18, 2018, which gives a breakdown of the first half of 2018. Altogether, Grayscale products have accumulated a total investment of $248.39 million. The team also revealed that 56% of the investment comes from institutional investors.
Grayscale’s Bitcoin Investment Trust alone managed to gain $6.04 million, and “non-Bitcoin” investment products getting a total of $3.52 million on a weekly basis. This report shows that despite the unusual crypto market trend, which has been fluctuating with sudden drops from time to time, Grayscale products have steadily experienced some growth.
The “non-Bitcoin” investment products revealed through the report implies to several alt coins including the likes of the Ethereum Classic Investment Trust (OTC: ETCG), the Digital Large Cap Fund and funds like ZCASH, Ethereum, Bitcoin Cash, Litecoin and Ripple.
According to CCN’s reporting, the released report is contradicting to what the CEO of BlackRock, Larry Fink perceives, as he previously shared that institutional investors are gradually losing interest within the crypto sphere.
As for where the majority of investments typically come from, it has been stated that accredited investors (20%), retirement accounts (16%) and family offices (8%) play the biggest roles respectively.
The Bitcoin Investment Trust (BIT) has been successful thus far, as it allows investors to get an idea as to how Bitcoin’s price is moving. As mentioned earlier, its respective shares have been publicly quoted on OTCQX, under the symbol, GBTC. Furthermore, holders can show their shares on IRA and Roth IRA to name a few. The current market price per share is about $11.50, with Bitcoin holdings per share sitting at a value of $6.95.