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Grayscale’s Cryptocurrency AUM Drops to $42 Billion


www.financemagnates.com 18 May 2021 11:21, UTC
Reading time: ~2 m

The latest correction in the cryptocurrency market has caused a massive dip in the total value of Grayscale’s digital assets under management (AUM). The company now has $42.2 billion worth of crypto AUM, down from $53.1 billion on 13 May 2021.

According to an official announcement by Grayscale on Twitter, the world’s largest cryptocurrency asset manager now has nearly $29 billion worth of Bitcoin under management. The company holds a total of approximately 650,000 BTC.

Ethereum is the second-largest holding of Grayscale as the company has more than $3 million ETH with a total value of over $10 billion. The latest dip in the world’s second-largest cryptocurrency is causing a significant reduction in the overall value of Grayscale’s Ethereum holdings.

Despite the latest dip, Grayscale’s total cryptocurrency AUM has increased substantially since the start of 2021. The US-based digital asset management firm started this year with $20 billion in crypto AUM. The company accelerated its accumulation of Bitcoin and Ethereum during the first quarter of 2021 and crossed the level of $50 billion in cryptocurrency AUM for the first time in April 2021.

Cryptocurrency Holdings

Apart from Bitcoin and Ethereum, Grayscale has several other investment trusts including Bitcoin Cash trust, Ethereum Classic trust, and Litecoin trust. The company expanded its cryptocurrency investment management services with the introduction of Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL), and Livepeer (LPT) investment trusts in March 2021. The total value of Grayscale’s Ethereum Classic holdings crossed $1 billion in April 2021 after the cryptocurrency spiked nearly 600% within three months. The asset manager also has more than 1.5 million Litecoin (LTC) with a total value of over $400 million.

The overall market cap of digital currencies reached $2.1 trillion on Tuesday. Despite a massive drop in its market dominance, BTC remained above $44,000. The cryptocurrency currently has a market cap of more than $840 billion. ETH is currently trading near $3,450 with a market cap of approximately $400 billion.

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