With more institutional investors indicating interest in cryptocurrencies this year, digital asset management company Grayscale Investments has published its Q3 2020 financial report, showing massive cash inflow into its products.
According to a press release today, the investment fund company said it raised $1.05 billion from investors across its products in the third quarter of this year. The report is considered as the highest cash inflow the firm has recorded in a single quarter.
Interestingly, the latest financial report is the third consecutive record-breaking quarter it has published since its inception.
With the latest achievement, the firm has raised over $2.4 billion on year-to-date (YTD), doubling the previous investment it reported between 2013 and 2019.
As per the press release, Grayscale Bitcoin Trust was at the forefront of the Q3 2020 funding, as the product accounted for $719.3 million of the total sum.
The product’s asset under management (AUM) also rose to $4.7 billion, and it is currently up by 147% on YTD, the company stated.
Other Grayscale crypto products like the Bitcoin Cash Trust, Ethereum Trust, Litecoin Trust, and its Digital Large Cap Fund also recorded cash inflows of about 31%.
More interest in crypto
Interest in cryptocurrencies has increased since the start of the year, as more investors flood the market.
As the coronavirus (COVID-19) pandemic hit its peak earlier this year, global economies suffered massive damage, thus prompting investors to seek solace from the crypto space.
This is evident in Grayscale’s previous financial reports, as the firm earlier published groundbreaking financial records for Q1 and Q2, respectively, showing more interest in crypto assets.
More firms have also joined the crypto bandwagon, acquiring various digital assets across the space to save themselves from the ongoing financial crisis caused by the COVID-19 pandemic.
Author: Lele Jima