Grayscale Investments Crypto Funds Raised …
Grayscale Investments Crypto Funds Raise $ 359.5 Million In Record 2018
Digital asset management company Grayscale Investments, which as of December 31, 2018 controlled $ 825 million, released its investment report for last year on Thursday..
In it, Grayscale notes a drop in investment from quarter to quarter. This, however, did not prevent 2018 from being a record year. The amount of investments for the whole year was $ 359.5 million, which is approximately 3 times higher than the indicators of the bullish 2017 and 2 times – the figures for all 4 previous years combined.
88% of investments in the fourth quarter were in a trust pegged to bitcoin, and only 12% in other products.
66% of the amount received last year, or $ 237 million, was provided by institutional investors. According to the firm, the data provided suggests that “long-term investors remain bullish” regardless of recent market behavior..
“We found that retirement accounts started to generate more demand for Grayscale products in the fourth quarter (40%), while institutional investors remained the dominant source of revenue throughout 2018 (66%). Although dollar investment fell in the fourth quarter, the share of institutional investors in the new investment pie remains relatively constant, “the company writes..
The aggregate volume of assets managed by Grayscale, however, has dropped significantly along with the fall in the prices of the cryptocurrencies in which the company’s funds are placed. In November, for example, the total volume of assets under the management of Grayscale in just one week fell by $ 400 million amid a decline in the bitcoin rate..
“Although the assets under our management have grown substantially since our founding in September 2013, the past year has shown that we, like other investors, are not immune to volatility,” writes Grayscale.
Morgan Creek also announced this week that two US pension funds have invested in its blockchain investment fund..
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