Grayscale’s BTC, XRP, ZEC, ETH, and other cryptocurrencies keep increasing, according to the founder in one of his recent tweets on Wednesday, 13th of January. The Assets Under Management (AUM) have reached $25 billion in crypto.
Despite Grayscale’s decision to stop receiving clients for six funds last month, the platform still managed to see an increase in the overall AUM financial value. This won’t surprise many crypto experts because that has been the trend for a while. On the 29th of December 2020, the firm’s AUM experienced a massive increase as it moved from $13.5 to $17 billion in crypto.
Expert unhappy with Grayscale’s mode of operation despite increasing AUM
According to Barry Silbert, the company also saw another increase in its AUM the next day as it moved from $17 to $19, who is the founder of the Grayscale Investment. However, some crypto experts aren’t happy with the company’s method of operation; one of them is Peter Schiff.
The Euro Pacific Capital CEO is unsatisfied with how the company pumps Bitcoin to its investors via a paid commercial via CNBC TV programs. According to him, the action could lead to a “Bitcoin bubble,” which might not favor other platforms. Meanwhile, CryptoQuant’s Ki-Young Ju claimed that Grayscale Investments’ ATH of $19 billion comprises 16% Bitcoin owned by institutional investors.
Many private institutions and entities have reportedly invested in the company, and one of them is MicroStrategy, which allegedly purchased more than $1 billion worth of Bitcoin in 2020. Apart from Grayscale Investment, other public crypto companies such as Galaxy Digital and Square all owned a huge amount of Bitcoin. In a stat published by Bitcointreausuries, more than 800,000 Bitcoin is owned and controlled by Public companies.
Bitcoin and Ethereum Fared Much Better
In our daily cryptocurrency price report, Bitcoin is gradually finding its way back to the top after recording some gains by the end of Wednesday’s business transactions. Starting the day at $32,463, BTC managed to end the day at $36,464. This will come as a piece of encouraging news to all Bitcoin investors who can’t wait to see the digital asset return to the financial strength it displayed all the last festive period. Like Bitcoin, Ethereum also saw a slight increase in its overall financial worth as it reached $1,110 at the end of the day.
This means the second-most valuable cryptocurrency was 2.5% better than its initial value at the start of the midweek transaction. Other digital assets that experienced a rise in their financial value include ZRX (20.5%), LINK (9.8%), and ALGO (8.6%).
XRP currently worth $0.2948, while LTC is $146. Considering the recent crypto market cap, the digital assets are tipped to improve as the year proceeds. In his speech to CoinDesk, Alpha5 founder Vishal Shah, the digital assets keep rolling up after the recent slump, and it won’t take a long time to see them reach their initial values.