Grayscale Adds $300M To Cryptocurrency Assets Under Management In A Single Day

Grayscale Investments assets under management rose by $300 million in a single day on Thursday, according to the company's CEO Barry Silbert.

What Happened: The net assets under management of Grayscale grew to $7.3 billion as of Oct. 22. The company’s Grayscale Bitcoin Trust (OTC: GBTC) saw a 3.79% rise, with an AUM of $6.03 billion.

Added a cool $300 million in AUM in one day https://t.co/G2lKu6QqxI

— Barry Silbert (@BarrySilbert) October 22, 2020

The largest day change at 7.56% was observed in the Grayscale Litecoin Trust (OTC: LTCN), with AUM rising to $34.4 million.

Grayscale Ethereum Trust’s (OTC: ETHE) rose 4.98% with an AUM of $942.3 million.

Why It Matters: The New York-based company said earlier this month it had received $1.05 billion inflows into its cryptocurrency investment products in the third quarter.

Grayscale said 81% of investment in the firm’s products came from institutional investors. 

On Wednesday, PayPal Holdings Inc (NASDAQ: PYPL) said it would allow its users in the United States to buy, sell, and hold cryptocurrencies.

Earlier in October, Square Inc (NYSE: SQ) said it had purchased $50 million in Bitcoin with CEO Jack Dorsey terming it a “manifestation” of an internet currency.

The news cycle has emboldened Bitcoin bulls and led to a nearly 14% appreciation in the value of the apex cryptocurrency over a 7-day period, as per CoinMarketCap data. 

Price Action: Bitcoin traded 0.65% higher at $12,897.41, while Ethereum traded 4.37% higher at $413.48 at press time.