Grayscale, the US-based cryptocurrency asset management firm, reported a dip in the total value of its digital assets under management (AUM). Grayscale is one of the largest institutional holders of Bitcoin and Ethereum.
According to the official numbers posted by the company, Grayscale’s Bitcoin Trust has over 650,000 BTC under management with a total value of more than $25 billion. The company’s Bitcoin holdings saw a dip in value during the last few weeks due to the latest correction in the cryptocurrency market. Bitcoin has lost nearly 40% of its value in the last three weeks.
Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!
Grayscale also holds approximately 3.1 million Ethereum. The total value of the firm’s ETH holdings stands at around $8.5 billion. Similar to Bitcoin, Grayscale’s Ethereum holdings also saw a dip in value due to the latest market crash. The total value of the company’s ETH holdings touched a high of $13.2 billion on 13 May after the world’s second-largest cryptocurrency reached an all-time high of approximately $4,320 on 12 May.
The New York-based digital asset management firm saw a sharp decline in the total value of its digital assets under management. On 13 May 2021, the company mentioned that the overall value of its cryptocurrency AUM reached an all-time high of approximately $53 billion. The recent decline in the overall value of the cryptocurrency market and a slowdown in institutional crypto inflows caused the latest drop of nearly $17 billion in the cryptocurrency holdings of Grayscale. The company has several other cryptocurrency assets under management including Ethereum Classic (ETC), Litecoin (LTC), and Bitcoin Cash (BCH). Grayscale’s Ethereum Classic trust is one of the most valuable investment trusts of the company. Grayscale has more than 12 million ETC under management with a total value of more than $900 million.
The overall market cap of digital currencies currently stands at around $1.6 trillion, a drop of more than 5% in the last 24 hours.
Source: Read Full Article