Grayscale Q3 Investment Report Shows Inflows of $330 Million, Upping Total to $1.5 Billion in Crypto Assets
The digital asset manager Grayscale saw its inflows hit $330 million USD after its Q3 Investment Report was released today, November 1. The paper provides a detailed overflow of the company in the last three months and you can see it here.
BREAKING: We are excited to share our Q3 Digital Asset Investment Report!
YTD Highlights include:
• Capital Raised into Grayscale Products: $329.5M (⬆️ 33% in Q3)
• Majority of investment (59%) is from institutional investors
— Grayscale (@GrayscaleInvest) November 1, 2018
According to the information on the report, the company has raised $81 million USD in the current quarter, which outperforms the third quarter of all the previous years of the company. For instance, the company only brought home $25 million USD in 2017 and only $17 million USD in 2016.
Michael Sonnenshein, acting as the manager director at the firm now, has affirmed that this marks the strongest year of the company so far. In an interview with The Block Crypto, he affirmed that the institutional investors are currently more interested in Bitcoin and cryptos than they were before and that they contributed to over 70% of the inflows in the quarter.
The company manages a total fo $1.5 billion USD in assets and it is one of the largest investors in cryptocurrencies in the world. As the bear market is still happening, now investors are coming to the firm with more information and the digital asset market. They are not trying to understand Bitcoin, they are looking for use cases.
People are well informed and they make their decisions based on data, not on some Bitcoin hype. This is a new type of investor that the market has not seen so much until now, the manager affirms. With these people diving in the metrics, they can really do something that was done before and invest in new ways, which has raised the profits of the company.
While the company has felt the bear market, as everybody has, and its Bitcoin Investment Trust is down almost 55%, it is still up 4,635% since inception. The study shows that, despite the market, the numbers are still pretty good and the company is on the rise.
About Grayscale Investments
The company is one of the largest digital currency asset managers and has a track of years in the market. It is a part of Digital Currency Group and ha access to economists that are focused on investments and hedge funds. Grayscale is already investing in cryptos for the last 5 years. The company is based on New York City.