Increasing institutional interest is driving investment in the first digital coin of the crypto-space. The investment giant Grayscale recently added one more billion worth of Bitcoin calculating the total Asset Under Management (AUM) near the $50 billion mark. The investment was made in barely 24 hours. Increment in Asset Under Management (AUM) As per recent reports, the total AUM of Grayscale has expanded to more than $3 billion. Shortly after the addition, the crypto-trust added five new tokens for their eligible accredited investors. The Grayscale Bitcoin Trust (GBTC) now accounts for $38.1 billion (82.64%) of Grayscale’s total AUM, while the Ethereum Trust (ETHE) accounts for $6.6 billion (14.26%). The remaining trusts, including Bitcoin Cash and Litecoin, account for the rest of 3.10%. Notably, after the announcement, tokens like Livepeer, Basic Attention token, Filecoin, MANA, and LINK showed significant price surges. The total number of trusts counts to 14, after the exposure to more crypto assets. Grayscale Confirms Its Plans to Convert GBTC into BTC ETF Grayscale has confirmed its intent to transform its most popular investment product, the GBTC, into a Bitcoin Exchange-traded fund. The investment giant also has several job openings for job positions on its careers page. Although, the firm doubts the suitability of such funds in terms of the current regulations in the United States. Unlike other investment giants that have filed for an ETF using S-1 forms, Grayscale will remain committed to converting GBTC into an ETF as the US’s regulatory environment gets clearer. Founded in 2013, Grayscale name is counted among the most prominent digital asset managers, for accrediting investors who are seeking exposure to Bitcoin and other crypto assets in the crypto space. The institutional demand for digital coins has expedited since the beginning of this year.
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