On November 13, Michael Sonnenshein, the managing director of Grayscale Investments, the world’s largest crypto asset management company, tweeted that the Grayscale team’s Bitcoin revenue alone was as high as 115 million US dollars (7223 BTC). The executive listed the amount of funds that entered Grayscale on November 12.
“The Grayscale team made more than $115 million in Bitcoin revenue yesterday-are you ready to get in the car?-Michael Sonnenshein”
It wasn’t until last month that the cryptocurrency asset management company revealed that the company had raised $1.05 billion for its investment products in the previous quarter, which was the largest inflow of funds in a single quarter in history.
But more importantly, the Grayscale Bitcoin Trust managed by the company has been the fastest growing investment product. Grayscale Bitcoin Trust’s average weekly attracted investment was US$39.5 million, and the trust’s inflow in the third quarter of 2020 was US$719.3 million, an increase of 1500%. Year-to-date, AUM has soared 147%.
The recent adoption of Bitcoin by many traditional corporate giants may have contributed to the recent BTC bull market. For example, recently, PayPal announced that it will allow customers to buy, sell and hold BTC and other altcoins. In addition, some large listed companies have publicly announced large investments in Bitcoin.
A notable example is Microstrategy, which has bought hundreds of millions of dollars in bitcoins, and given that the price of BTC has risen to more than $16,000, the value of these bitcoins has surged. In fact, an independent cryptographic researcher pointed out that MicroStrategy has made $100 million in bitcoin purchases in the past two months. Prior to this, MicroStrategy had only earned $100 million from its actual business operations in the past 3.5 years. Received 78 million US dollars in revenue.
On the other hand, Square, a payment company led by Twitter CEO Jack Dorsey, announced last month that it had purchased 4,709 bitcoins worth $50 million.
Barry Silbert, CEO of Grayscale Investments, said in a tweet posted on October 22 that Grayscale manages digital assets worth up to $7 billion (currently as high as $9.8 billion). In another tweet, Silbert also stated that Grayscale even holds 2% of all ether in circulation.
