Story by: Carmen Reinicke
- Grayscale Investments had $608 million in inflows in 2019, more than the previous six years combined.
- It’s the largest asset manager for digital currency such as bitcoin.
- Almost three-quarters of Grayscale’s 2019 assets raised came from institutional investors like hedge funds, the company said.
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It looks like cryptocurrency is here to stay.
In 2019, Grayscale Investments, the largest asset manager for bitcoin and other cryptocurrency, saw $608 million in inflows, its best year ever. In addition, the record number surpassed its cumulative investment from the last six years combined, the company said in a press release.
The biggest portion of Grayscale’s 2019 investments came from institutional investors, primarily hedge funds, according to the report. Institutional investors including hedge funds accounted for 71% of inflows in 2019, up from 51% in the previous year.
Grayscale also grew its investor base in 2019, bringing in $146.9 million from new clients. The injection from new clients made up about 24% of the total capital raised in the year, according to the company’s investment report.
Grayscale Bitcoin Trust, the largest fund of its kind, also had a record fourth quarter in 2019. Investments in the trust over the quarter totaled $193.8 million, the largest quarterly raise since Grayscale was founded in 2013, the firm said.
In 2019, bitcoin gained roughly 95%, outpacing the S&P 500, which rose 29%, and gold, which advanced about 18%.
Grayscale Investments now has more than $2 billion in assets under management, the company said.
Original story: https://tinyurl.com/qqezeueby