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Grayscale’s BTC Trust Adds $1 Billion Within One Week

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Grayscale's BTC Trust Adds $1 Billion Within One Week

Leading digital asset manager, Grayscale, continues to break records through its Bitcoin Trust as the company raised more than $1 billion in BTC funds from institutional clients in one week.

In addition, the company appears to be preparing to launch several new cryptocurrency trusts for Chainlink, Tezos, etc.

Grayscale’s BTC Trust Inflows Sets a New Record

Grayscale had their best-ever quarter with the largest inflows in the fourth quarter of 2020. Of course, the Grayscale’s BTC Trust Fund is responsible for most of the funds. These record institutional investor inflows have led Grayscale to amass large amounts of BTC. Hence, the bitcoin held by the company accounts for more than 3% of all existing bitcoins.

The recently appointed CEO of Grayscale, Michael Sonnenshein, demonstrated the huge demand for Bitcoin Trust from institutional clients. He filed a document with the United States Securities and Exchange Commission claiming these investors raised nearly $1.3 billion for GBTC in just one week.

This is the trust fund’s record, as the company’s best quarter – the fourth quarter of 2020 – raised an average of $217 million every week.

Grayscale Looking to Add New Assets

In addition to Bitcoin Trust, Grayscale also offers several other cryptocurrency products. These include Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, etc. Recently, after the SEC filed charges against Ripple, the company decided to dissolve XRP Trust.

However, the company may soon be adding more products to its institutional customers. The Delaware Trust Company is listed as a Legal Trustee of Grayscale, Delaware, and the company has filed documents with the state’s corporate registry to establish a trust relationship for five digital assets.

These include Chainlink, Tezos, Decentraland, Livepeer and Basic Attention tokens.

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