Investment outfit, Grayscale has just reached a milestone figure according to the latest news that was made available by the company. According to the news, Grayscale has announced that the total assets belonging to customers under its management have now reached over $7 billion.
This is judged by the sporadic rise that Bitcoin saw last year and the early parts. Even though the digital asset has mostly been on a bearish run of late, the figures are still up there to buttress how profiting a timely investment in Bitcoin can be for investors. Around October last year, a Twitter update showed that the investment outfit increased its digital asset storage after adding $600 million.
PayPal was a major boost in the increase of its holdings
As per the latest tweets in the microblogging platform, the company now boasts digital assets worth around $9 billion in Bitcoin and more than $900 million in Ethereum. Taking all the digital assets that the company manages into consideration, it now manages nothing less than $7.3 million worth of assets. Asides from managing top leading assets like Bitcoin, Ethereum, and Litecoin, the firm also boasts managing assets like Zcash, Stellar Lumens, and Horizon.
Grayscale’s latest figure is coming on the back of a small rally in the market, which saw the price of several digital assets surge. Another thing that was pointed out as the triggering factor was PayPal’s news. The payment platform announced that it will now allow traders who wish to trade the luxury of trading and storing assets. It would also allow them to transfer and make purchases after it acquires the platform responsible for the development of WBTC BitGo.
Grayscale could hit $10 billion by Q1 of 2021
Considering how this figure came to be, one would realize that the investment company had $3.7 billion assets held in May before seeing the value of digital assets increase to move the total assets held value to $5 billion in August. The company saw its total assets held to move to $6 billion in the months that followed before recording this milestone figure.
If things continue this way, then the company is well placed to reach about $10 billion in assets held by the end of the first quarter of 2021. Announcing the achievement, Barry Dilbert, the firm’s CEO, took to Twitter to share the details of how their daily assets held saw a massive increase from investors. According to his update, Bitcoin, Litecoin, and Bitcoin Cash were the biggest performers, while assets like Stellar Lumens and Zcash performed poorly.