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Grayscale Raises $700M+ in a Day, Its Largest Daily Asset Raise Ever
In Q4 2020, the company raised $3.3 billion across its cryptocurrency investment vehicles.
Michael Sonnenshein, CEO of digital asset manager Grayscale Investments, tweeted the firm raised more than $700 million on Jan. 15, seeing increased momentum from Q4.
STORY CONTINUES BELOW
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1/15/2021 was also our largest single asset raise day, ever.
— Michael Sonnenshein (@Sonnenshein) January 16, 2021
- In Q4 2020, the company raised $3.3 billion across its cryptocurrency investment vehicles, a record for the digital asset manager and further evidence of this rally’s institutional base.
- The Grayscale Bitcoin Trust, which is the company's most popular product, led the pack in Q4 with an average of $217 million raised every week.
- The latest data from Grayscale shows on Jan. 15 the firm has a record $27.1 billion under management; it entered 2020 with just $2 billion.
- In a tweet, Eric Balchunas, senior ETF analyst at Bloomberg, called Grayscale the "ARK" of crypto.
- "The similarities are pretty amazing. I think both hung in relative oblivion for 3-4 yrs, had like $2b 12mo ago ago and then boom, 10x increase. Both defy trends: ARK w stock picking and grayscale w very high fees and 20%+ premiums,” Balchunas tweeted.
- ARK refers to ARK Investment Management, an asset-management firm led by Cathie Wood, and its flagship ARK Innovation ETF (ARKK), which over the course of a year has returned more than 171%, seeing its assets under management grow by more than tenfold, to $21.8 billion.
- New York-based, SEC-regulated Grayscale is owned by Digital Currency Group, the parent company of CoinDesk.
Read more: Grayscale’s Crypto Products Raised Over $3B Last Quarter, the Most Ever
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
