Grayscale tops $10 billion in assets

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On Wednesday, Grayscale, the world’s largest digital currency asset manager, said that their assets under management have soared to a record of $10.4 billion.

Bitcoin on Wednesday jumped to $18,483 BTC=BTSP, the highest level since December 2017. It has appreciated about 160% this year and gained 17% in the last three days. The virtual currency is now close to its all-time peak of just under $20,000.

Grayscale assets had grown to 76% from $5.9 billion at the end of the third quarter. Its bitcoin fund hit nearly $9 billion in assets on Wednesday, up 85% from that in the third quarter.

Managing director at Grayscale, Michael Sonnenshein said, “While we’re only midway through the fourth quarter, I can certainly share that momentum has continued to carry through to the fourth quarter and probably accelerated a bit to what we have seen in Q3.” The bitcoin fund represents about 80% of the assets it manages.

Sonnenshein said, “The market for bitcoin has matured and he expects a steady climb in its price, noting a much more two-sided trading space with the development of ancillary services such as derivatives and cryptocurrency lending.”

Sonnenshein further added, “For a lot of investors, bitcoin has a lot of staying power and it has overcome so many challenges and so many instances when it has been called dead.”